Double-Digit Equity AUM Losses in Fourth Quarter Will Affect Legg Mason's Fiscal 2019 Results
We've lowered our fair value estimate for no moat-rated Legg Mason to $36 per share from $40 following the release of somewhat weaker fiscal first-half results from the firm. Legg Mason closed out the September quarter with $755.4 billion in total AUM, up 0.1% year over year and 1.5% when compared with the June quarter. Outflows continue to impact the firm's equity AUM, which lost another $1.1 billion to net redemptions during the period, with weaker investment performance (especially from Legg ...Legg Mason is a holding company. Through its subsidiaries, the company is an asset management company that provides investment management and related products and services. The company's investment advisory services include discretionary and non-discretionary management of separate investment accounts for institutional and individual investors. The company's investment products include proprietary mutual funds ranging from money market and other liquidity products to fixed income, equity and alternative funds managed in various investment styles. The company also provides other domestic and offshore funds to both retail and institutional investors, privately placed real estate funds, hedge funds, and funds-of-hedge funds.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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