Legg Mason is focusing on global growth opportunities following a positive third quarter of its fiscal year in which it boosted assets under management by 6% to $944.8bn (€728bn), as a result of favourable equity markets and increased performance fees.

The integration of Citigroup's asset management business, acquired in 2005, is now nearly complete according to Legg Mason's chairman and chief executive Chip Mason. He said cost savings originally projected from the integration had been realised by the end of the third quarter.