Franklin (BEN) August AUM Up on Higher Equity & Hybrid Assets
Franklin Resources BEN announced preliminary assets under management (AUM) by its subsidiaries of $1.44 trillion for August 2020. Results display a 0.7% increase from the $1.43 trillion recorded as of Jul 31, 2020.
Month-end total equity assets came in at $447.7 billion, up 4.6% from the previous month. Total fixed income assets were $659 billion, slightly down from July 2020.
Franklin recorded $137.3 billion in hybrid assets, up 2.3% from the $134.2 billion witnessed last month. Cash management funds came in at $73.9 billion, down from the prior-month figure of $82 billion.
Though regulatory restrictions and a sluggish economic recovery might mar AUM growth and escalate costs, the company’s global footprint is an exceptionally favorable strategic point as its AUM is well diversified.
Shares of the company have gained 19.8% in the past six months compared with 35.1% growth registered by the industry.
Currently, Franklin carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Competitive Landscape
Cohen & Steers CNS reported preliminary AUM of $72.1 billion as of Aug 31, 2020, up 2.8% from the prior-month level. Market appreciation of $1.2 billion and net inflows of $1 billion were partially offset by distributions of $211 million.
Among others, T. Rowe Price Group, Inc. TROW and Lazard LAZ are expected to release preliminary AUM results for August next week.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Franklin Resources, Inc. (BEN) : Free Stock Analysis Report
Lazard Ltd (LAZ) : Free Stock Analysis Report
T. Rowe Price Group, Inc. (TROW) : Free Stock Analysis Report
Cohen Steers Inc (CNS) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
