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Legg Mason Inc.

  January 28, 2012

The Baltimore money manager said fiscal third-quarter profit declined 54 percent as assets fell, lowering fees for managing investors’ money. Net income dropped to $28.1 million, or 20 cents a share, from $61.6 million, or 41 cents, a year earlier, the firm said. Profit missed estimates. Assets fell 6.7 percent from a year earlier to $627 billion, but rose from the previous quarter due to market gains.

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