Legg Mason has made a wider-than-expected quarterly loss, the US money manager's first loss ever, as it took a big charge related to a bail-out of money market funds exposed to risky securities and suffered outflows from its poorly performing funds, according to media reports. The second-largest publicly traded US asset manager and home to star stock picker Bill Miller was, however, optimistic about quarters ahead, saying performance of the funds had improved in April and the worst of the credit crisis was over. Legg Mason posted a net loss of $255.5 million for the fiscal fourth quarter ended 31 March, compared with net income of $172.5 million in the same quarter of last year. Legg Mason took a charge of $291 million, or $2.06 a share, related to bailing out the money market funds. It also took a charge of $94.8 million for a write-down of some management contracts at its private capital management unit.