Franklin Templeton Investments announced it had $391.1 billion in assets under management in the second fiscal quarter ended March 31, down 6% from the previous quarter and 33.8% below a year earlier, according to a news release about its earnings.
Net new outflows were $5.5 billion in the second fiscal quarter. That compared to $18.2 billion in outflows in the prior quarter and $6.1 billion in the previous year.
Equity assets totaled $173.2 billion as of March 31, down 12% from the previous quarter and down 47% from a year ago. Fixed-income totaled $134.8 billion, up 2% from the previous quarter but down 7.4% from a year earlier.
Hybrid assets were $75 billion in the fiscal second quarter, down 5% from the earlier quarter and down 31.7% from a year ago. And cash management was $8.1 billion in the second fiscal quarter, up 4% from the prior quarter and up 8% from the year before.
Franklin Templeton posted a profit of $110.8 million in the second fiscal quarter, an 8.4% drop from the prior quarter and 69.7% less than a year ago. Revenue totaled $912.3 million in the quarter, a 5.9% drop from the prior quarter and a 39.3% drop from a year ago in the same period.