Franklin Resources reported declines in assets under management, profit and revenue for the quarter ended Dec. 31.
The company reported assets under management of $880.1 billion as of Dec. 31, down 2% from three months earlier, the result of net outflows, market, depreciation and a stronger U.S. dollar, the company said Friday in an earnings release. The AUM is flat from Dec. 31, 2013.
Net outflows of $3.5 billion for the quarter, along with $12.1 billion of market depreciation and a $4.6 billion decease to foreign currency changes, all contributed to the decline, Franklin said in the earnings release. Franklin had $100 million in net outflows in the previous quarter.
Revenue of $2.064 billion for the quarter ended Dec. 31 was down 4% from the previous quarter and down 2% from the year-earlier quarter.
Net income of $566.4 million for the quarter ended Dec. 31 was down 12% from the previous quarter and down 6% from the year-earlier quarter.
Franklin CEO Greg Johnson, in comments issued in conjunction with the earnings release, said the quarter ended Dec 31 was one of the best quarters ever for institutional inflows, with strong flows in the Asia-Pacific and emerging markets regions. The company reported $14.1 billion in institutional inflows for the quarter, the release said.
Institutional assets under management make up about a quarter of Franklin's total AUM.
