Legg Mason Inc., the Baltimore-based money management firm, reported Monday that it lost $217 million in the quarter ended Dec. 31 as it wrote down some assets amid the broader market downturn.

The company took a $365 million “impairment charge” that it said was related to “commingled fund management contracts” at its affiliates EnTrustPermal and RARE Infrastructure.

Legg Mason serves as a holding company for nine investment affiliates that focus on particular investment strategies. EnTrust Permal is a hedge fund investor focused on alternative assets, while RARE focuses on infrastructure investments.

The $217 million loss translated to $2.55 a share in Legg’s fiscal third quarter. In the same quarter last year, Legg earned $149 million, or $1.58 per share.

The firm’s operating revenue plunged 11.2 percent to $704.3 million in the quarter.

"Legg Mason's quarterly results were negatively impacted by the industry's record net outflows from actively-managed U.S. mutual funds, as well as double-digit equity market losses,” said Joseph A. Sullivan, the company’s chairman and CEO.

Assets under management fell to $727.2 million as of Dec. 31, down 4.4 percent from Sept. 30 and 5.2 percent from a year earlier. Much of the quarterly decline was driven by the weak markets, but Legg also reported $8.5 billion in long-term net outflows.

Legg announced earnings for the quarter after the market closed Monday with its shares down 34 cents at $29.55 each. In after hours trading, Legg shares quickly dropped much further, down about 10 percent before bouncing back to about $29 a share.

In the earnings announcement, Legg said it was developing a new global operating platform that Sullivan said would “enhance collaboration to improve the efficiency and effectiveness of our multi-affiliate model, while still prioritizing independent investment management.”

The platform is expected to cost $130 million to $150 million to implement and result in annual savings of $90 million to $110 million.

In a letter to employees, Sullivan said the new platform would be comprised of such functions as operations, technology, fund administration, legal and compliance, human resources, finance, real estate, enterprise risk and other corporate services.

For example, Sullivan cited investments in technology, including automation to streamline accounts payable; artificial intelligence to accelerate response times for cyber threats; predictive analytics to anticipate advisor needs by combining flow, sales and marketing data; and machine learning to enhance market commentary.