Franklin Resources reported $770.9 billion in assets under management as of Sept. 30, down 11% from three months earlier and down 14% from a year earlier, the company said in an earnings release Thursday.
Franklin was severely affected by large price declines in equities, company officials reported in an earnings call.
Franklin experienced $28.6 billion in net outflows in the quarter, following $11.1 billion in net outflows in the previous quarter.
Franklin reported $48.8 billion in net outflows for the 12 months ended Sept. 30 as AUM dropped by $127.1 billion in the same period.
Net income was affected as well. Franklin reported $358.2 million in net income for the third quarter, down 29% from the previous quarter and down 44% from the year-earlier quarter.
Operating revenue of $1.873 billion was down 6% from the previous quarter and down 13% from the third quarter of 2014.
