Legg Mason asssets under management ride strong market to rise 2 percent in July

Legg Mason assets rise 2 percent in July to $659B

BALTIMORE — Legg Mason Inc. said Wednesday its assets under management rose 2 percent during the month of July.

The investment manager’s assets under management rose to $659.3 billion from $645.4 billion at the end of June. Of those, stock assets totaled $165.3 billion, up from $155.8 billion in the previous month.

Stocks had their best month in a year in July, with the Dow Jones industrial average rising 7.1 percent for the month and the Standard & Poor’s 500 index gaining 6.9 percent.

Legg Mason, a Baltimore-based asset manager, said fixed-income assets rose to $364.7 billion in July, from $357.9 billion at the end of June. Liquidity assets slipped to $129.3 billion from $131.7 billion.

In midday trading, Legg Mason shares fell 71 cents, or 2.5 percent, to $28.31 as the broader markets declined.