Legg Mason lost $104 million for the September quarter. Assets under management fell $81 billion. CEO Mark Fetting says, "I have never been more convinced that we have the right model and strategy to take this company to the next level."

Baltimore's Legg Mason Inc. reported this morning its third straight quarterly loss because of continuing costs associated with shoring up some of its money market funds hurt by soured mortgage-backed investments.

The money manager said it had a fiscal second-quarter loss of $103.8 million, or 74 cents per diluted share, compared with a net income of $177.5 million, or $1.23 per diluted share, in the year-ago period.

The company's earnings were hurt by an after-tax charge of $191.1 million, or $1.35 a share, to support the money funds.

Assets under management fell 9 percent to $841.9 billion, from $922.8 billion in June, because of market losses, net client outflows and exchange rate impact from the strengthening dollar.