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Money Management

Franklin Resources assets flat for quarter; outflows continue

Franklin Resources Inc. reported $742.8 billion in assets under management as of June 30, flat from three months earlier and up 1% from the year-earlier quarter, the company's earnings statement said Friday.

Franklin had $10.1 billion of market gains but net outflows of $7.3 billion during the quarter.

The most recent outflows were down from $11 billion in the previous quarter and $15 billion in net outflows for the quarter ended June 30, 2016. It was the 12th conservative quarter of net outflows for Franklin, based in San Mateo, Calif.

In prepared remarks, Gregory Johnson, Franklin CEO and president, said in an earnings supplement that the company's global equity net outflows were $6.2 billion in the latest quarter, "due in part to some large institutional redemptions totaling about $3 billion," he said.

Operating revenue was $1.6 billion for the June 30 quarter, up 1% from the previous quarter but down 1% from the year-earlier quarter. Net income of $410.6 million in the quarter was down 2% from the previous quarter and down 8% from the same quarter a year earlier.