Franklin Resources' assets jump for quarter, year
By Rob Kozlowski | October 25, 2012 12:43 pm
Franklin Resources on Thursday reported $749.9 billion in assets under management as of Sept. 30, up 6.1% from the previous quarter and 13.6% higher than a year earlier.
The increase was attributed to $40.8 billion in market gains and $2.9 billion in net inflows, according to an earnings presentation for the latest quarter.
Fixed-income net inflows of $2.9 billion offset equity net outflows of $2.3 billion, while hybrid net inflows and cash management net inflows totaled $1.7 billion and $600 million, respectively.
Revenue totaled $1.8 billion, up 2% from the previous quarter and down 1.1% from the year before, while net income totaled $492 million, up 8.1% from the previous quarter and 1.8% greater than the previous year.