Money manager Legg Mason Inc. reported a 24% increase in net earnings to $46.1 million for its fourth quarter. However, earnings for the year slipped 2%to $152.9 million (All figures in U.S. dollars). The Baltimore-based firm trades on the Toronto Stock Exchange.

The company also reached new highs in net revenues for both the quarter and year and set a new record in cash earnings for the year. Assets under management as of March 31, increased to $177 billion, up 27% in the last year and up 4% since December. Net revenues for the quarter were a record $395.2 million, up 17% from the March 2001 quarter, while net revenues for the year were a record $1,451.3 million, up 7%.

Commenting on the results, Raymond Mason, chairman and CEO, said: “I am very pleased with our results for the quarter and overall for the year. We clearly are benefiting from the balance we have developed from our three business areas: Asset Management, Private Client and Capital Markets.”

During the quarter, assets under management increased by $6.9 billion, setting a new record for the 43rd consecutive quarter. Almost 90% of the increase was due to positive net cash flows from clients. Western Asset continued to be the primary contributor on a dollar basis but Royce, Private Capital Management and Brandywine were also significant factors in the increase.

Total client assets, which include assets in our clients’ securities brokerage accounts plus assets under management, minus any overlap, aggregated $241 billion.