Legg Mason’s reports its assets under management fell 4 percent in May from the month before

Legg Mason’s assets under management decline

BALTIMORE — Legg Mason Inc. said Thursday that its assets under management fell 4 percent during the month of May to $657.9 billion from $685.3 billion at the close of April.

Legg Mason’s stock assets under management totaled $163 billion at the end of last month, down from $177.8 billion in the previous month. Stocks have been battered in recent weeks due to investor concerns that rising debt in Europe could derail the global economic recovery.

The asset manager, based in Baltimore, said fixed-income assets slipped to $358.8 billion as of May 31 from $367.1 billion at the end of April. Liquidity assets shrank to $136.1 billion from $140.4 billion.