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Franklin Resources Inc BEN

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Morningstar’s Analysis

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Market Gains Offset Continued Outflows in Franklin's Fiscal Q2; No Change to FVE

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

There was little in narrow-moat Franklin Resources' fiscal second quarter that would alter our long-term view of the firm. We are leaving our $30 per-share fair value estimate in place. Franklin closed out the March quarter with $1.499 trillion in assets under management, or AUM, up 0.1% sequentially and 158.3% on a year-over-year basis. That said, absent the Legg Mason deal, which added $797 billion in AUM in July 2020, the firm's managed assets were up 20.9% on a year-over-year basis.

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Company Profile

Business Description

Franklin Resources provides investment services for individual and institutional investors. At the end of March 2021, Franklin had $1.499 trillion in managed assets, composed primarily of equity (33%), fixed-income (45%), multi-asset/balanced (9%) funds, alternatives (9%) and money market funds. Distribution tends to be weighted more toward retail investors (52% of AUM) investors, as opposed to institutional (46%) and high-net-worth (2%) clients. Franklin is also one of the more global firms of the U.S.-based asset managers we cover, with more than 35% of its AUM invested in global/international strategies and close to 25% of managed assets sourced from clients domiciled outside the United States.

One Franklin Parkway
San Mateo, CA, 94403
T +1 650 312-2000
Sector Financial Services
Industry Asset Management
Most Recent Earnings Mar 31, 2021
Fiscal Year End Sep 30, 2021
Stock Type High Yield
Employees 11,100