Legg Mason, the money manager with 18 straight quarters of redemptions, said its earnings will be affected by pretax charges related to two new investment vehicles.

Expenses related to the initial public offering of Western Asset Mortgage Capital Corp. real estate investment trust in May and ClearBridge Energy MLP Total Return Fund, a closed-end fund that opened this month, will total about $23 million, Legg Mason said yesterday in a regulatory filing. The charges will affect results for the quarter ending June 30.

CEO Mark Fetting has cut jobs to increase profitability and sought to improve performance at fund units as he tries to end redemptions that started when returns lagged behind those of peers in 2007 and 2008. Legg Mason has completed a plan designed to save $130 million to $150 million a year through a combination of job cuts and moving certain technology functions to investment units.