Franklin Resources BEN has announced preliminary assets under management (AUM) by its subsidiaries of $692.6 billion for September 2019. Results display slight increase from $690.6 billion recorded as of Aug 31, 2019. Net market gains, partially offset by net outflows, led to this upside. However, the reported figure went down 3.4% year over year.
Month-end total equity assets came in at $270.5 billion, up 1.3% from the previous month but down 12.6% year over year. Of the total equity assets, around 59% were from international sources, while the remaining 41% came in from the United States.
Total fixed income assets were $278.3 billion, down nearly 1% from August 2019 but up 7.3% from the prior year. Overall, tax-free assets accounted for only 24% of the fixed-income assets, while the remaining 76% was taxable.
Franklin recorded $134.3 billion in hybrid assets, which was about 1% up from $133.2 billion witnessed in the previous month but down 3.3% from $138.9 billion reported in September 2018.
Cash management funds came in at $9.5 billion, down 2% from the prior-month figure of $9.7 billion, and up 2.2% from $9.3 billion recorded in the previous year.
Though regulatory restrictions and sluggish economic recovery might mar AUM growth and raise costs, the company’s global footprint is an exceptionally favorable strategic point as its AUM is well diversified.
Currently, Franklin carries a Zacks Rank #3 (Hold). Shares of the company have lost around 11.1% year to date compared with 8.6% decline recorded by the industry. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
Invesco IVZ announced preliminary September-end AUM of $1,184.4 billion, up nearly 1% from the prior month. The increase was driven by favorable market returns, non-management fee earning AUM inflows and reinvested distributions, partially offset by net long-term outflows and lower money market AUM.
Among other asset managers, T. Rowe Price Group TROW and Legg Mason LM are expected to release preliminary AUM results for September later this week.
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