Franklin Resources on Monday reported $707.1 billion in assets under management as of June 30, down 2.6% from the prior quarter and 3.7% below the year before.
For the latest quarter, market depreciation of $22.5 billion more than offset $4.8 billion of net new inflows, which were down 14% from the prior quarter and 78% less than the year before.
Inflows to the firm's fixed-income strategies came to $5.5 billion for the quarter, with more marginal gains of $300 million and $100 million, respectively, for Franklin's hybrid strategies and cash management products. The company's equity offerings, meanwhile, saw net outflows of $1.1 billion.
In a pre-recorded earnings call, Gregory Johnson, Franklin Resources CEO, called the company's latest results “another strong quarter” in the face of persistent global market headwinds. He noted his company continues to ramp up its efforts to help investors overcome the “emotional biases” against equities resulting from the market meltdown of 2008.
For the latest quarter, Franklin Resources reported net income of $455.3 million, down 9.5% from both the prior quarter and the year before.
Revenue, meanwhile, came to $1.78 billion, down 0.8% from the prior quarter of 3.7% below the year before.