Q3 2024 Franklin Resources Inc Earnings Call Transcript
Key Points
- Ending AUM was $1.65 trillion, flat from the prior quarter and an increase of 15% from the prior year quarter.
- Investment performance remained consistent across the one, three, five, and ten-year periods, with a significant portion of strategy composite AUM outperforming their respective benchmarks.
- Positive net flows in multi-asset and alternative strategies, with multi-asset net inflows of $1.8 billion and alternative net inflows of $1.4 billion.
- Strong growth in ETF business, generating net inflows of approximately $3.3 billion, doubling the prior quarter's net flows.
- Successful expansion of retail alternatives initiatives with a dedicated team in the EMEA region.
- Long-term net outflows were $3.2 billion for the quarter.
- Fixed income net outflows were $4.8 billion, excluding inflows from Great-West.
- Equity net outflows were $1.6 billion, although this was an improvement from the previous quarter.
- Implementation costs for the new Aladdin platform are expected to be approximately $100 million over the next three to five years.
- Adjusted operating income decreased by 10.9% from the prior year quarter.
Welcome to Franklin Resources earnings conference call for the quarter ended June 30, 2024. Hello, my name is Sylvie, and I will be your call operator today. As a reminder, this conference is being recorded and at this time, all participants are in a listen-only mode.
And I would like to turn the conference over to your host, Selene Oh, Chief Communications Officer and Head of Investor Relations for Franklin Resources. You may begin.
Good morning, and thank you for joining us today to discuss our quarterly results. Statements made on this conference call regarding Franklin Resources Inc, which are not historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from any future results expressed or implied by such forward-looking statements.
These and other risks,
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