Franklin Resources Inc. reported assets under management of $659.9 billion as of Sept. 30, down 10% from the prior quarter but up 2.3% from the year before.
For the latest period, the company reported $3.1 billion in net inflows, down sharply from inflows of $21.7 billion for the prior quarter and $19.4 billion for the year-earlier quarter.
Market-related declines, however, came to $87.6 billion for the quarter, more than offsetting those inflows.
Greg Johnson, president and CEO, said in recorded comments about the company’s latest results that Franklin’s global bond strategies, a leading magnet for inflows in recent years, have rebounded in October following a rough patch of performance during the third quarter.
Net income for the quarter was $416 million, down 17% from the prior quarter but up 12% from the year-earlier period. Revenues, meanwhile, came to $1.84 billion, down 0.9% from the prior quarter but up 20% from the year before.