Franklin Resources reported Wednesday total assets under management of $880.6 billion as of March 31, up 0.1% from three months earlier and down 1% year-over-year.
The essentially flat AUM from the previous quarter was due to net outflows and currency fluctuations in non-dollar denominated funds, the company said in its earnings release.
Franklin said its funds and strategies saw market appreciation of $14.7 billion in the quarter, but that was substantially offset by $5.6 billion of net outflows and $7.7 million of foreign exchange fluctuations. It had net outflows of $3.5 billion the previous quarter and $7.1 billion in the first quarter of 2014.
However, net income of $606.4 million in the March quarter was up from $564.4 million from the prior quarter and $561 million from the year-earlier quarter.
Operating revenue of $2.01 billion in the quarter was down 3% from the previous quarter and down 4% from a year earlier.