Legg Mason, the fifth-largest US money manager, saw its fiscal profits rise 28% and its revenue more than double in the quarter ended March 31, but expenses related to last year's acquisition of Citigroup Asset Management remained a drag on profits.

The Baltimore-based firm reported that net profits, as of March 31, grew to $150.1m (€118m), up from $117.6m during the fourth quarter of fiscal 2005. Total operating revenues increased 68% to $2.6bn from $1.57bn in 2005.