Franklin Resources said total AUM was $1,678.6 billion as of September 30, 2024, up 22% from the prior year-end. The company cited net market change, distributions and other of $186.0 billion, the acquisition of Putnam of $148.3 billion, and cash management net inflows of $2.7 billion as drivers of the increase, partially offset by long-term net outflows of $32.6 billion.

1. 01

   Franklin Resources said total AUM was $1,678.6 billion as of September 30, 2024, up 22% from the prior year-end. The company cited net market change, distributions and other of $186.0 billion, the acquisition of Putnam of $148.3 billion, and cash management net inflows of $2.7 billion as drivers of the increase, partially offset by long-term net outflows of $32.6 billion.

2. 02

   Franklin Resources said investment management fees rose $369.3 million in fiscal 2024, citing a 12% increase in average AUM. Lower performance fees and other factors partially offset the increase, and performance fees were $390.7 million, down from $550.1 million a year earlier.

3. 03

   The company said it recorded an impairment of $389.2 million on its indefinite-lived intangible asset related to certain mutual fund contracts managed by WAM in fiscal 2024. The company also disclosed that WAM's long-term net outflows for the same period were $48.6 billion.

4. 04

   Franklin Resources said it acquired Putnam from Great-West on January 1, 2024, providing as consideration 31.6 million common shares, $221.7 million in cash at closing, and deferred cash of $100.0 million payable on July 1, 2024. It also said it will pay up to an additional $375.0 million tied to revenue growth targets.

Key figures

Fiscal year ended September 30, 2024

Revenue

$8.5B

Operating income

$408M

Net income

$465M

EPS

$0.85

Operating cash flow

$971M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.