Franklin Resources, Inc. (BEN - Free Report) reported a preliminary asset under management (AUM) balance of $1,431.5 billion for June 2023. This reflects a 1.9% increase from $1,404.2 billion recorded as of May 31.
The increase in the AUM balance was primarily due to the impact of favorable markets and slight long-term net inflows.
Month-end total fixed-income assets were $505.1 billion, up marginally from the prior month’s level. Equity assets of $458 billion increased 5.4% from May 2023. BEN recorded $148.3 billion in multi-asset class, up 3% sequentially. Alternative assets aggregated $257.2 billion, up marginally from the prior month.
However, cash-management funds totaled $62.9 billion, which decreased 4.7% from the prior month’s level.
Franklin seems well-poised for growth on the back of a 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 remains a key concern for BEN. A strict global regulatory environment is another headwind.
Shares of this Zacks Rank #3 (Hold) company have rallied 6.3% over the past three months compared with the industry's growth of 4.9%.
Among other asset managers, T. Rowe Price Group, Inc. (TROW - Free Report) and Lazard (LAZ - Free Report) are expected to release preliminary AUM results for June in the coming days.
TROW and LAZ each carry a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
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Franklin Resources, Inc. (BEN - Free Report) reported a preliminary asset under management (AUM) balance of $1,431.5 billion for June 2023. This reflects a 1.9% increase from $1,404.2 billion recorded as of May 31.
The increase in the AUM balance was primarily due to the impact of favorable markets and slight long-term net inflows.
Month-end total fixed-income assets were $505.1 billion, up marginally from the prior month’s level. Equity assets of $458 billion increased 5.4% from May 2023. BEN recorded $148.3 billion in multi-asset class, up 3% sequentially. Alternative assets aggregated $257.2 billion, up marginally from the prior month.
However, cash-management funds totaled $62.9 billion, which decreased 4.7% from the prior month’s level.
Franklin seems well-poised for growth on the back of a 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 remains a key concern for BEN. A strict global regulatory environment is another headwind.
Shares of this Zacks Rank #3 (Hold) company have rallied 6.3% over the past three months compared with the industry's growth of 4.9%.
Among other asset managers, T. Rowe Price Group, Inc. (TROW - Free Report) and Lazard (LAZ - Free Report) are expected to release preliminary AUM results for June in the coming days.
TROW and LAZ each carry a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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