Franklin Resources, Inc. (BEN Quick QuoteBEN - 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%.

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 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.