Net profits at Legg Mason, the US financial services company, rose 69% to $80.8m (€63.5m) in the fourth-quarter of last year while its assets under management increased by 12% in the same period to $264.9bn.

Investment and advisory fees were $326.5m for the last quarter, helped by $14.5m in performance fees, up from $9.5m in the same period in 2002. Investment fees accounted for 64% of the Legg Mason's total net revenues in the quarter, up from 58% in the previous year.