Investment Managers See Profits Rise, But Technology Costs Are Growing, Too

PIMCO Advisors Holdings, which acquired Oppenheimer Capital last year, saw its earnings rise 44 per cent during the quarter to $66 million. A year earlier, the company earned $45.9 million.

Legg Mason earned $20.7 million in the most recent quarter compared to $15.3 million in the December quarter of 1996. The Baltimore mutual fund company's revenue grew 36 per cent to $227.1 million, from the $167.3 million in revenue it had a year earlier.

The rise in profits reflected the strong performance