Legg Mason's brokerage business, now owned by Citigroup following a recent $3.7bn (€3.1bn) asset swap, saw profits fall 43% to $4.3m in the three months to June 30. Revenues fell 7% to $63.2m.

Citigroup took over the business last month when it swapped most of its asset management business in exchange for Legg Mason's broker-dealer operations and other considerations.