Franklin Resources on Thursday reported $644.9 billion in assets under management for the quarter ended Sept. 30, up 13% from the previous quarter and 23% higher than a year ago.
Market gains accounted for most of the asset increase. Net inflows for the latest quarter were $19.4 billion, up 3.2% from the prior quarter and 59% from the year-earlier quarter.
Net income was $372.9 million, up 3.4% from three months earlier and 1.5% higher than the same quarter a year ago.
Separately, AllianceBernstein reported $484.3 billion in assets under management as of Sept. 30, up 5.8% from the prior quarter but down 2.7% from the year before.
For the latest quarter, market-related gains of $45.5 billion more than offset net outflows of $18.9 billion.
The latest net outflows were up sharply from $4.7 billion for the prior quarter and $12.9 billion for the year-earlier quarter. Institutional clients accounted for the bulk of those net outflows, at $15.2 billion, followed by retail investors, with $3.2 billion and private clients, with $500 million.
The firm reported operating income of $58 million for the latest quarter, down 47% from the prior quarter and down 74% from the year before. In its earnings release, the company attributed the plunge to a $90 million real estate charge taken in the latest quarter.
Net revenues, meanwhile, came to $758 million, up 10% from the prior quarter but down 6% from the year before.