Legg Mason Inc. reported a first-quarter profit Wednesday and saw its assets under management increase because of recent acquisitions. The Baltimore-based money manager announced a $25 million loss for fiscal 2016 at its shareholders meeting the day before. CEO Joseph Sullivan characterized the year as “challenging” but said the company was positioned for future success. Legg Mason reported earnings of $33.5 million, or 31 cents per share, in the first quarter ending June 30. The earnings are a…
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