Legg Mason Inc. rose by the most in five months after reporting that its assets under management increased 2 percent to $644.5 billion from a year earlier.
Legg Mason, which has struggled to reverse redemptions and increase its share price, rose as much as 5.3 percent, the biggest intraday increase since Feb. 19, and traded 4.3 percent higher at $32.94 by 10:49 a.m. in New York. Shares of Baltimore-based Legg Mason hit a two-year high of $36.13 in May.
“The equity franchise had modestly positive flows for the month” after opening a closed-end fund at ClearBridge Investments and amid fewer withdrawals at Royce & Associates, Daniel Fannon, a San Francisco-based analyst at Jefferies & Co., wrote today in a note to clients.
Chief Executive Officer Joseph A. Sullivan has said he’s focused on acquisitions to boost the firm’s assets and is looking to buy a non-U.S. equity unit and expand the firm’s alternative-investment offerings.