Legg Mason Withdrawals Quicken in Latest Sign of Mutual-Fund Woes [TheStreet.com]
LEGG MASON (LM)
Last legg mason earnings: 1/29 04:15 pm
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Source: TheStreet.com
For the U.S. mutual-fund industry these days, it's insult after injury, and then another injury. The latest indication of the deterioration came from Legg Mason Inc. ( LM ) , which reported last week that investors pulled $3 billion from its long-term mutual funds in July, along with another $1.6 billion from money-market funds and other liquidity products. The outflows added to a combined $81.4 billion pulled from the Baltimore-based money manager since the end of the fiscal year ended in March 2015. As recently as July 25, Legg Mason's executives had signaled to Wall Street analysts that the company's long-term funds would see outflows of just $1.5 billion during July. Thus, the total outflow number would indicate an accelerated attrition rate at the very end of the month, Daniel Fannon, an analyst at the brokerage firm Jefferies, wrote in a report. Legg Mason shares fell 9 cents, or 0.3%, to $ 31.89 in morning trading on the New York Stocks Exchang
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