Franklin Resources Posts Mixed Q4 Results With Lower Assets Under Management But Better Than Expected Revenue Decline
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Franklin closed fiscal Q4 with $1.374 trillion in AUM, down 4% sequentially but up 5.9% year over year.
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Net long-term outflows of $6.9 billion were in line with expectations; full-year outflows of $21.3 billion.
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Outflows nearly equal between equity ($18.7B) and fixed income ($16.2B), while inflows in multi-asset ($7.8B) and alternatives ($5.8B).
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Full-year revenue declined 2.5%, better than expected 4-7% decline.
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Full-year GAAP operating margin 14% (adjusted 29.9%), down 640 basis points (600 adjusted) due to higher costs.