Legg Mason, the US-listed fund management firm, saw assets under management increase 49% to $286bn (€236.6bn) in the 12 months to March 2004 following a surge in business gains at Western Asset Management, its specialist bond arm, and Legg Mason's other investment operations.

Western Asset Management was the main contributor to the improved assets under management as it gained in popularity among European investment consultants, said Legg Mason. Western assets were up 34% while Legg Mason Funds, Brandywine, its value manager, and Batterymarch, active US equities manager, saw assets increase by more than 70%.