Legg Mason posts 3Q profit, assets under...

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Legg Mason Inc. posted a third-quarter profit but missed Wall Street estimates and saw its assets under management fall from the second quarter as CEO Joseph A. Sullivan said the Baltimore firm continues to deal with challenges facing the financial industry. The money manager (NYSE: LM) reported net income of $51.4 million, or 50 cents per share, in its fiscal third quarter ending Dec. 31. That was up from a net loss of $138.6 million, or $1.31 per share, in the year-ago quarter. The earnings results…