Franklin Resources Inc. (BEN - Free Report) announced preliminary assets under management (AUM) by its subsidiaries of $723 billion for Oct 2016. This is down roughly 1.4% from $733.3 billion as of Sep 30 and nearly 9.7% below $801.1 billion as of Oct 31, 2015.
The month-end total equity assets came in at $295.7 billion, down around 2.6% from the prior month and 10.1% on a year-over-year basis. Of the total equity assets, around 67% were from international sources, while the remaining 33% were from the U.S.
Total fixed income assets were $285.8 billion, down slightly from the prior month and around 11% lower than $321 billion recorded in Oct 2015. Overall, tax-free assets accounted for only 26% of the fixed income assets, while the remaining 74% were taxable.
Franklin recorded $135.2 billion in hybrid assets, which declined nearly 1.6% from $137.4 billion recorded in the prior month and around 6.4% from $144.4 billion in Oct 2015.
Cash management funds were reported at $6.3 billion, up 3.3% sequentially but down about 8.7% from $6.9 billion recorded in Oct 2015.
Franklin’s investment management fees remain under pressure amid muted AUM growth. Moreover, regulatory restrictions continue to pose concerns for the company.
Franklin currently carries a Zacks Rank #4 (Sell).
Among other asset managers, Invesco Ltd. (IVZ - Free Report) and Legg Mason Inc. (LM - Free Report) are expected to release their preliminary AUM for the same period in a few days.
A better-ranked finance company is Apollo Global Management, LLC (APO - Free Report) which has witnessed an upward earnings estimate revision of 3.5% over the past 30 days. Its share price has risen 5.9% in the past six months. It currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time?
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>.