Legg Mason warned that it is likely to fall short of analyst expectations for its third-quarter earnings. Analysts that Thomson First Call surveyed expected the company to report $1.16 a share; Legg sees that coming in between 96 cents and $1.12 a share.

The company attributed the disappointment to an increase in fixed income assets, which charge lower fees than equity funds, as well as $12 million in unexpected mutual fund distribution fees.

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