Legg Mason's (LM) Cliants Withdraw $3 Billion

Two major clients of Legg Mason (NYSE:LM) withdrew $3 billion in assets from the company in February, according to Chief Financial Officer Peter Nachtwey.

At a financial conference sponsored by Citigroup Inc (NYSE:C), Nachtwey said the outflows will be largely offset by market appreciation during the period.

Legg Mason said the two clients were low fee paying customers, and entailed a unnamed performance-only fee client withdrew $2 billion and a sovereign wealth fund that took out $1 billion.

Also noted was a small asset-management firm in Singapore ended its affiliation with them, and an additional $2 billion in assets left the company as a result.

On March 10 Legg Mason will release its assets under management for February.

Legg Mason was trading at $34.88, down $0.62, or 1.75 percent, as of 2:23 PM EST.