Legg Mason, the asset management firm that sold its brokerage business to Citigroup in June, last night said profits in its second quarter rose 32% to $121m (€100m), with assets under management rising 34% to $416.6bn.

The Baltimore-based company said the rise in net profits for the second quarter, which ended September 30, were helped by strong results from its institutional and mutual-fund businesses.

Michael Ha in New York

Citigroup

Legg Mason

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Legg Mason profits rise 32%

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