Franklin Resources, Inc. (BEN Quick QuoteBEN - Free Report) reported a preliminary asset under management (AUM) balance of $1.45 trillion for July 2023. This reflects a 1.4% increase from $1,43 trillion recorded as of Jun 30, 2023.

The rise in AUM balance was primarily due to the impact of favorable markets partially offset by long-term net outflows.

Month-end total fixed-income assets were $508.8 billion, up 1% from the prior month’s level. Equity assets of $468.3 billion improved 2.2% from June 2023. BEN recorded $152.4 billion in multi-asset class, up 2.8% sequentially. Alternative assets inched up marginally from the prior month to $257.5 billion,.

However, cash-management funds totaled $62.1 billion, which decreased 1.3% from the prior month’s level.

Franklin seems well-poised for growth owing to robust foothold in the global market and revenue-diversification efforts. Also, it is growing through strategic acquisitions. These have helped the company in expanding its alternative investments and multi-asset solution platforms.

However, any decline in investment management fees due to market fluctuations and adverse foreign-exchange translations remain key concerns for BEN. A strict global regulatory environment is another headwind.

Shares of this Zacks Rank #3 (Hold) company have rallied 14% over the past three months compared with the industry's growth of 13.6%.

Image Source: Zacks Investment Research

Among other asset managers, T. Rowe Price Group, Inc. (TROW Quick QuoteTROW - Free Report) and Lazard (LAZ Quick QuoteLAZ - Free Report) are expected to release preliminary AUM results for July in the coming days.

While TROW sports a Zacks Rank #1 (Strong Buy), LAZ carries a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank stocks here.