WASHINGTON (dpa-AFX) - Legg Mason Inc. (LM) said Friday third-quarter profit fell to $28.1 million, or $0.20 per share, from $61.6 million, or $0.41 per share. Adjusted earnings were $76.8 million, or $0.55 per share, this year and $110.3 million, or $0.73 per share, a year ago. Sixteen analysts polled by Thomson Reuters estimated earnings of $0.25 per share. Analysts' estimates usually exclude special items. Total operating revenues for the quarter were lower in the recent quarter at $627.0 million compared to last year's $721.9 million. Assets under management dropped 7 percent year-over-year, and performance fees also declined. Thirteen analysts polled by Thomson Reuters estimated revenues of $655.70 million.
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