Franklin Resources on Thursday reported $570.5 billion in client assets as of June 30, down 2.8% from the prior quarter but up 26% from the year before.
For the latest quarter, record net inflows of $18.8 billion were more than offset by $34.5 billion in market-related declines. Those flows were up 2.2% from the prior quarter’s net inflows of $17.8 billion, and almost triple Franklin’s year-earlier flows of $6.6 billion.
The firm’s market-related declines in the latest quarter followed market gains of $16.5 billion for the prior quarter and $54.7 billion for the year-earlier quarter.
According to data released by Franklin, overseas clients accounted for $10.7 billion of the firm’s latest long-term net inflows, with U.S. clients accounting for $6.7 billion and liquidity inflows contributing the remaining $1.4 billion.
The company’s fixed-income offerings accounted for $18 billion of those net flows, with equity and hybrid products pulling in a scant $100 million each and cash management products taking in the remaining $600 million.
Net income for the latest quarter came to $360.5 million, up 1.1% from the prior quarter and up 21% from the year before. Operating revenue totaled $1.523 billion, up 9% from the prior quarter and up 43% from the year before.