Although its stock has appreciated 37% over the past year, money management firm Legg Mason (NYSE:LM) reported this morning that its assets under management in May fell 1.5% year over year.

The global asset management firm said total AUM fell to $654.3 billion last month, down $10.3 billion, though foreign exchange alone reduced the amount by approximately $4.5 billion.

Equity investments were up 2.7% from last year, while fixed-income investments were down around 0.5% on a reported basis. Long-term AUM were up 0.3% from the year-ago period.

Headquartered in Baltimore, Legg Mason provides active asset management in major investment centers around the world.

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