Legg Mason Inc. (NYSE:LM) Q4 2019 Earnings Conference Call - Final Transcript
May 13, 2019 • 05:00 pm ET
Welcome to the Legg Mason Fourth Quarter and Fiscal Year End 2019 Earnings Call. My name is Richard and I'll be your operator for today's conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) Please note that this conference call is being recorded.
It is now my pleasure to introduce your host, Alan Magleby, Head of Investor Relations. Thank you, Mr. Magleby. You may begin.
Thank you, Richard. On behalf of Legg Mason, I would like to welcome you to our conference call to discuss operating results for the fiscal 2019 fourth quarter and the fiscal year ended March 31, 2019.
This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not statements of facts or guarantees of future performance and are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those discussed in the statements. For a discussion of these risks and uncertainties, please see Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2018 and in the Company's subsequent filings with the Securities and Exchange Commission.
During today's call, we may discuss non-GAAP financial information. Reconciliations of non-GAAP financial information to the comparable GAAP financial information can be found in the press release and in the presentation we issued this afternoon, which is available in the Investor Relations section of our website. The Company undertakes no obligation to update the information contained in this presentation to reflect subsequently occurring events or circumstances.
Today's call will include remarks from Mr. Joe Sullivan, Legg Mason's Chairman and CEO; and Mr. Pete Nachtwey, Legg Mason's CFO, who will discuss our financial results. In addition, following a review of the Company's quarter, we will then open the call to Q&A.
Now, I would like to turn this call over to Mr. Joe Sullivan. Joe?
Joseph A. Sullivan
Thanks, Alan, and good evening. As always, we appreciate your continued interest in Legg Mason. And with me again tonight is our CFO, Pete Nachtwey, as we review our performance for the fourth fiscal quarter ended March 31st.
Starting at a high level, I'm pleased to say that we are continuing to make significant progress, meeting evolving client demand by expanding client choice through the diversification of our business across investment strategies, vehicles and distribution access. This has been our strategy for some time now and I like our progress. This quarter's performance highlights those efforts as well as the important headway we are making in continuing to build a better Legg Mason through a multi-faceted approach, which I will discuss in further detail.
We netted breakeven long-term flows this quarter, reflecting positive inflows across our alternatives and fixed income businesses, offset by net equity outflows. Further, this morning, we reported $1.2 billion of positive long-term