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The company said net income in the fiscal second quarter ending Sept. 30 was $45.8 million, or 30 cents per diluted share, compared with a loss of $108.7 million, or 77 cents, in the corresponding period a year ago.
Earnings included costs related to its equity unit change of $22 million, the company said.
Assets under management were $702.7 billion, up from $656.9 billion at June 30. The 7 percent increase was partly driven by market appreciation.
Still, assets are down 17 percent from a year ago.
Legg Chairman and CEO Mark R. Fetting said in a statement that the company continued to operate its business efficiently and to improve its balance sheet.
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