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Legg Mason Has Profit of $81.7 Million as Assets Increase

Legg Mason Inc., the money manager that has struggled with more than five years of net redemptions, posted a fiscal third-quarter profit after a loss a year earlier, as assets and fees tied to performance rose.

Net income was $81.7 million, or 67 cents a share, in the three months ended Dec. 31, compared with a loss of $453.9 million, or $3.45 a share, a year earlier, the Baltimore-based firm said today in a statement. Thirteen analysts surveyed by Bloomberg estimated earnings averaging 67 cents a share after the firm said Jan. 13 net income would be from 65 cents to 68 cents a diluted share.