Fund manager Legg Mason, which has seen its assets under management diminish due to market declines and client redemptions, said its assets rose to $693bn (€471bn) as of August 31, a 5% increase from June 30, although outflows continued.

The Baltimore-based asset manager had $656.9bn in assets under management on June 30, the end of its fiscal 2010 first quarter. The most recent increase reflects market appreciation and reduced client outflows, it said in a release Wednesday.