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MONEY MANAGEMENT

Net outflows continue at Franklin Resources in first quarter

Headquarters of Franklin Resources Inc.

Franklin Resources reported $740 billion in assets under management as of March 31, up 3% from Dec. 31 but flat from a year earlier, the company's earnings statement said Friday.

The company experienced net outflows of $11 billion during the quarter ended March 31, vs. net outflows of $14.4 billion for the previous quarter and net outflows of $20.8 billion for the quarter ended March 31, 2016.

This is the 11th consecutive quarter of net outflows for Franklin, totaling $141.7 billion.

Operating revenue for the company was $1.6 billion for the quarter, up 3% from the previous quarter but down 1% during the quarter ended March 31, 2016. Net income, meanwhile, was $420.7 million, down 4% from the fourth quarter but up 17% from the same quarter a year prior.