Legg Mason has reported its fifth consecutive quarterly loss and reduced its dividend by 88%, The Wall Street Journal reports. Its net loss increased in the fiscal fourth quarter as revenue declined and fund investors withdrew money out of its products.

The asset manager witnessed a $43.5 billion of net outflows in the three months ended March 31. Its revenue dropped 42% to $617.2 million, down from $1.07 billion in the same period of 2008.

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