Franklin Resources BEN announced preliminary assets under management (AUM) by its subsidiaries of $617.6 billion for May 2020. Results displayed a 3.04% increase from the $599.4 billion recorded as of April 30, 2020. Lower net outflows and a solid market performance led to this upsurge. However, the reported figure dropped 11.1% year on year.
Month-end total equity assets came in at $237.5 billion, up 4.3% from the previous month but down 12% year over year. Of the total equity assets, around 53% were from international sources, while the remaining 47% came in from the United States.
Total fixed income assets were $240.8 billion, marginally up from April 2020 but down 15.4% from the prior-year period. Overall, tax-free assets accounted for only 27% of fixed-income assets, while the remaining 73% was taxable.
Franklin recorded $129.1 billion in hybrid assets, up 5.3% from the $122.6 billion witnessed in the previous month but down 1.4% from the $130.9 billion reported in May 2019.
Cash management funds came in at $10.2 billion, in line with the prior-month figure but up from the $9.7 billion recorded in the previous year.
Though regulatory restrictions and a sluggish economic recovery might impede AUM growth and escalate costs, the company’s global footprint is an exceptionally favorable strategic point as its AUM is well diversified.
Currently, Franklin sports a Zacks Rank #1 (Strong Buy). Shares of the company have gained 25.8% in the past three months compared with 25.4% growth registered by the industry. You can see the complete list of today’s Zacks #1 Rank stocks here.
Invesco’s IVZ preliminary May-end AUM of $1,142.5 billion represents a rise of 2.1% from the previous month. This increase resulted from favorable market returns, partly offset by net outflows. Notably, an unfavorable foreign-exchange movement resulted in a fall in the monthly AUM by $1.4 billion.
Legg Mason Inc. LM reported 2.2% growth in AUM balance as of May 31, 2020, from the previous month. Preliminary month-end AUM came in at $780.2 billion, up from the April 2020 figure of $763.1 billion.
Among others, T. Rowe Price Group, Inc. TROW is expected to release preliminary AUM results for May, later this week.
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