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Legg Mason (LM) February AUM Rises 1.3%; Inflows Recorded
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Baltimore-based Legg Mason Inc. reported a rise in its assets under management (AUM) as of Feb 28, 2017 as compared with the prior month. Preliminary month-end AUM came in at $722.9 billion, up 1.3% from Jan 2017.
February’s AUM displayed fixed income inflows of $3.3 billion, $0.7 billion equity inflows, alternative outflows of $0.2 billion and liquidity outflows of $1.3 billion. However, foreign exchange impact was insignificant.
Legg Mason’s equity AUM at the end of Feb 2017 increased around 2% from the prior-month figure to $175.8 billion. Moreover, fixed income AUM inched up around 1.8% from the previous month to $391.9 billion. Alternative assets, including AUM managed by Clarion Partners, EnTrustPermal, RARE Infrastructure and Glouston Capital, increased slightly to $71.1 billion.
Rise in equity, fixed income and Alternative AUM resulted in long-term AUM of $638.8 billion. The figure marked a 1.6% increase from the prior month. In addition, liquid assets, which are convertible into cash, edged down around 1.4% to $84.1 billion.
Competitive Landscape
Among other investment managers, Franklin Resources Inc. (BEN - Free Report) announced preliminary AUM by its subsidiaries of $738.2 billion for Feb 2017. The results displayed around 1.3% rise from $728.8 billion as of Jan 31. Further, the figure increased 3.4% from the prior year.
Invesco Ltd. (IVZ - Free Report) also announced an increase in its preliminary month-end AUM for Feb 2017. The company’s AUM came in at $836.8 billion, up 1.4% from $825.3 billion recorded in the prior month. This rise was supported by favorable market returns, net long-term inflows and increase in PowerShares QQQs, partly offset by a fall in money market AUM. However, there was an unfavorable FX impact of $1.6 billion.
Our Viewpoint
Though absence of consistent growth in equity markets remain headwinds, we believe that Legg Mason has the potential to outperform its peers over the long run, given its diversified product mix, positive foreign exchange fluctuations and leverage to the changing market demography.
Currently, Legg Mason carries a Zacks Rank #3 (Hold). The company’s stock gained 6.9% over the last six months, underperforming the 10.7% growth for the Zacks categorized Investment Management industry.
A better-ranked finance company is Apollo Global Management, LLC (APO - Free Report) , carrying a Zacks Rank #2 (Buy). The company’s shares gained over 28% over the last six months. The Zacks Consensus Estimate for the stock climbed 11.4% to $2.25, over the last 60 days, for 2017.
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Legg Mason (LM) February AUM Rises 1.3%; Inflows Recorded
Baltimore-based Legg Mason Inc. reported a rise in its assets under management (AUM) as of Feb 28, 2017 as compared with the prior month. Preliminary month-end AUM came in at $722.9 billion, up 1.3% from Jan 2017.
February’s AUM displayed fixed income inflows of $3.3 billion, $0.7 billion equity inflows, alternative outflows of $0.2 billion and liquidity outflows of $1.3 billion. However, foreign exchange impact was insignificant.
Legg Mason’s equity AUM at the end of Feb 2017 increased around 2% from the prior-month figure to $175.8 billion. Moreover, fixed income AUM inched up around 1.8% from the previous month to $391.9 billion. Alternative assets, including AUM managed by Clarion Partners, EnTrustPermal, RARE Infrastructure and Glouston Capital, increased slightly to $71.1 billion.
Rise in equity, fixed income and Alternative AUM resulted in long-term AUM of $638.8 billion. The figure marked a 1.6% increase from the prior month. In addition, liquid assets, which are convertible into cash, edged down around 1.4% to $84.1 billion.
Competitive Landscape
Among other investment managers, Franklin Resources Inc. (BEN - Free Report) announced preliminary AUM by its subsidiaries of $738.2 billion for Feb 2017. The results displayed around 1.3% rise from $728.8 billion as of Jan 31. Further, the figure increased 3.4% from the prior year.
Invesco Ltd. (IVZ - Free Report) also announced an increase in its preliminary month-end AUM for Feb 2017. The company’s AUM came in at $836.8 billion, up 1.4% from $825.3 billion recorded in the prior month. This rise was supported by favorable market returns, net long-term inflows and increase in PowerShares QQQs, partly offset by a fall in money market AUM. However, there was an unfavorable FX impact of $1.6 billion.
Our Viewpoint
Though absence of consistent growth in equity markets remain headwinds, we believe that Legg Mason has the potential to outperform its peers over the long run, given its diversified product mix, positive foreign exchange fluctuations and leverage to the changing market demography.
Currently, Legg Mason carries a Zacks Rank #3 (Hold). The company’s stock gained 6.9% over the last six months, underperforming the 10.7% growth for the Zacks categorized Investment Management industry.
A better-ranked finance company is Apollo Global Management, LLC (APO - Free Report) , carrying a Zacks Rank #2 (Buy). The company’s shares gained over 28% over the last six months. The Zacks Consensus Estimate for the stock climbed 11.4% to $2.25, over the last 60 days, for 2017.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
One has driven from 0 to a $68 billion valuation in 8 years. Four others are a little less obvious but already show jaw-dropping growth. Download this IPO Watch List today for free >>