Franklin Resources, Inc. (the “Company”) (NYSE: BEN) today
announced net income1 of $163.6 million or $0.29 per diluted share
for the quarter ended December 31, 2024, as compared to net loss of
$84.7 million or $0.19 per diluted share for the previous quarter,
and net income of $251.3 million or $0.50 per diluted share for the
quarter ended December 31, 2023. Operating income was $219.0
million for the quarter ended December 31, 2024, as compared to
operating loss of $150.7 million for the previous quarter and
operating income of $206.5 million for the prior year.
As supplemental information, the Company is providing certain
adjusted performance measures which are based on methodologies
other than generally accepted accounting principles. Adjusted net
income2 was $320.5 million and adjusted diluted earnings per share2
was $0.59 for the quarter ended December 31, 2024, as compared to
$315.2 million and $0.59 for the previous quarter, and $328.5
million and $0.65 for the quarter ended December 31, 2023. Adjusted
operating income2 was $412.8 million for the quarter ended December
31, 2024, as compared to $451.6 million for the previous quarter
and $417.0 million for the prior year.
“Our first fiscal quarter results demonstrated progress across
key growth areas, enabling us to meet the evolving needs of our
clients, amid heightened market volatility,” said Jenny Johnson,
President and CEO of Franklin Resources, Inc. “Long-term inflows
improved by 34% from the prior year quarter (excluding reinvested
distributions) and we generated positive net flows in equity,
multi-asset and alternatives, totaling a combined $17 billion
during the quarter. While long-term net outflows were $50 billion,3
excluding Western Asset Management, our long-term net inflows were
$18 billion and positive in every asset class.
“At quarter-end, our institutional pipeline of won-but-unfunded
mandates increased by $2.3 billion to $18.1 billion and remains
diversified across asset classes and specialist investment
managers. Clients globally showed interest in a diverse range of
investment options, including ETFs, our custom indexing platform,
Canvas,® and retail SMAs.
“Fundraising in alternatives generated $6 billion this quarter,
of which $4.3 billion was in private market assets. In January, we
launched our first evergreen secondaries private equity fund
designed for the wealth channel and achieved our initial
fundraising cap of $900 million in assets under management.
“This past year has presented significant challenges for Western
Asset Management and we are committed to supporting them. In the
near term, we will integrate select corporate functions, creating
efficiencies and giving access to broader resources, while ensuring
Western’s investment team autonomy. These enhancements will be
seamless for clients.
“As one of the world’s most comprehensive global asset managers,
our broad investment capabilities, extensive global distribution
network and local asset management expertise continue to
differentiate us in an increasingly competitive industry. We remain
committed to strategically investing in the business to best serve
our clients while managing expenses and maintaining our focus on
enhancing shareholder value.”
Quarter Ended
% Change
Quarter Ended
% Change
31-Dec-24
30-Sep-24
Qtr. vs. Qtr.
31-Dec-23
Year vs. Year
Financial Results
(in millions, except per share data)
Operating revenues
$
2,251.6
$
2,211.2
2
%
$
1,991.1
13
%
Operating income (loss)
219.0
(150.7
)
NM
206.5
6
%
Operating margin
9.7
%
(6.8
%)
10.4
%
Net income (loss)1
$
163.6
$
(84.7
)
NM
$
251.3
(35
%)
Diluted earnings (loss) per share
0.29
(0.19
)
NM
0.50
(42
%)
As adjusted
(non-GAAP):2
Adjusted operating income
$
412.8
$
451.6
(9
%)
$
417.0
(1
%)
Adjusted operating margin
24.5
%
26.3
%
27.3
%
Adjusted net income
$
320.5
$
315.2
2
%
$
328.5
(2
%)
Adjusted diluted earnings per share
0.59
0.59
0
%
0.65
(9
%)
Assets Under Management
(in billions)
Ending
$
1,575.7
$
1,678.6
(6
%)
$
1,455.5
8
%
Average4
1,634.5
1,667.5
(2
%)
1,394.2
17
%
Long-term net flows
(50.0
)
(31.3
)
(5.0
)
Total assets under management (“AUM”) were $1,575.7 billion at
December 31, 2024, down $102.9 billion during the quarter due to
the negative impact of $52.9 billion of net market change,
distributions, and other, and $50.0 billion of long-term net
outflows, inclusive of $67.9 billion of long-term net outflows at
Western Asset Management and $20.1 billion of long-term reinvested
distributions.
Cash and cash equivalents and investments were $5.2 billion and,
including the Company’s direct investments in consolidated
investment products (“CIPs”), were $6.3 billion5 at December 31,
2024. Total stockholders’ equity was $13.2 billion and the Company
had 524.0 million shares of common stock outstanding at December
31, 2024. The Company repurchased 0.3 million shares of its common
stock for a total cost of $5.8 million during the quarter ended
December 31, 2024.
Conference Call Information
A written commentary on the results by Jenny Johnson, President
and CEO; Matthew Nicholls, Executive Vice President, CFO and COO;
and Adam Spector, Executive Vice President, Head of Global
Distribution will be available via investors.franklinresources.com
today at approximately 8:30 a.m. Eastern Time.
Ms. Johnson and Messrs. Nicholls and Spector will also lead a
live teleconference today at 11:00 a.m. Eastern Time to answer
questions. Access to the teleconference will be available via
investors.franklinresources.com or by dialing (+1) (877) 407-0989
in North America or (+1) (201) 389-0921 in other locations. A
replay of the teleconference can also be accessed by calling (+1)
(877) 660-6853 in North America or (+1) (201) 612-7415 in other
locations using access code 13750996 after 2:00 p.m. Eastern Time
on January 31, 2025 through February 7, 2025, or via
investors.franklinresources.com.
Analysts and investors are encouraged to review the Company’s
recent filings with the U.S. Securities and Exchange Commission and
to contact Investor Relations at
investorrelations@franklintempleton.com before the live
teleconference for any clarifications or questions related to the
earnings release or written commentary.
FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF
INCOME
Unaudited
(in millions, except per share data)
Three Months Ended
December 31,
%
Change
2024
2023
Operating Revenues
Investment management fees
$
1,799.3
$
1,652.2
9
%
Sales and distribution fees
375.5
296.4
27
%
Shareholder servicing fees
63.5
32.5
95
%
Other
13.3
10.0
33
%
Total operating revenues
2,251.6
1,991.1
13
%
Operating Expenses
Compensation and benefits
991.4
968.3
2
%
Sales, distribution and marketing
512.3
400.8
28
%
Information systems and technology
156.0
131.0
19
%
Occupancy
75.1
66.7
13
%
Amortization of intangible assets
112.6
85.8
31
%
General, administrative and other
185.2
132.0
40
%
Total operating expenses
2,032.6
1,784.6
14
%
Operating Income
219.0
206.5
6
%
Other Income (Expenses)
Investment and other income, net
10.5
173.2
(94
%)
Interest expense
(23.1
)
(18.8
)
23
%
Investment and other income of
consolidated investment products,net
114.1
(23.8
)
NM
Expenses of consolidated investment
products
(7.3
)
(5.9
)
24
%
Other income, net
94.2
124.7
(24
%)
Income before taxes
313.2
331.2
(5
%)
Taxes on income
81.1
74.9
8
%
Net income
232.1
256.3
(9
%)
Less: net income (loss) attributable
to
Redeemable noncontrolling interests
49.6
9.5
422
%
Nonredeemable noncontrolling interests
18.9
(4.5
)
NM
Net Income Attributable to Franklin
Resources, Inc.
$
163.6
$
251.3
(35
%)
Earnings per Share
Basic
$
0.29
$
0.50
(42
%)
Diluted
0.29
0.50
(42
%)
Dividends Declared per Share
$
0.32
$
0.31
3
%
Average Shares Outstanding
Basic
517.4
487.0
6
%
Diluted
518.2
487.9
6
%
Operating Margin
9.7
%
10.4
%
FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF
INCOME
Unaudited
(in millions, except per share data)
Three Months Ended
%
Change
Three Months Ended
31-Dec-24
30-Sep-24
30-Jun-24
31-Mar-24
31-Dec-23
Operating Revenues
Investment management fees
$
1,799.3
$
1,766.2
2
%
$
1,689.9
$
1,713.9
$
1,652.2
Sales and distribution fees
375.5
368.0
2
%
358.3
358.3
296.4
Shareholder servicing fees
63.5
67.0
(5
%)
61.8
68.0
32.5
Other
13.3
10.0
33
%
12.9
12.6
10.0
Total operating revenues
2,251.6
2,211.2
2
%
2,122.9
2,152.8
1,991.1
Operating Expenses
Compensation and benefits
991.4
940.8
5
%
893.8
1,028.2
968.3
Sales, distribution and marketing
512.3
496.9
3
%
481.1
484.3
400.8
Information systems and technology
156.0
177.4
(12
%)
156.6
155.1
131.0
Occupancy
75.1
77.7
(3
%)
104.8
76.2
66.7
Amortization of intangible assets
112.6
83.8
34
%
84.0
84.6
85.8
Impairment of intangible assets
—
389.2
NM
—
—
—
General, administrative and other
185.2
196.1
(6
%)
180.1
195.1
132.0
Total operating expenses
2,032.6
2,361.9
(14
%)
1,900.4
2,023.5
1,784.6
Operating Income (Loss)
219.0
(150.7
)
NM
222.5
129.3
206.5
Other Income (Expenses)
Investment and other income, net
10.5
95.3
(89
%)
74.5
52.5
173.2
Interest expense
(23.1
)
(25.0
)
(8
%)
(25.7
)
(27.7
)
(18.8
)
Investment and other income (losses) of
consolidated investment products, net
114.1
46.2
147
%
37.6
89.9
(23.8
)
Expenses of consolidated investment
products
(7.3
)
(12.0
)
(39
%)
(8.8
)
(5.9
)
(5.9
)
Other income, net
94.2
104.5
(10
%)
77.6
108.8
124.7
Income (loss) before taxes
313.2
(46.2
)
NM
300.1
238.1
331.2
Taxes on income
81.1
9.5
754
%
68.1
62.8
74.9
Net income (loss)
232.1
(55.7
)
NM
232.0
175.3
256.3
Less: net income (loss) attributable
to
Redeemable noncontrolling interests
49.6
32.6
52
%
43.0
42.8
9.5
Nonredeemable noncontrolling interests
18.9
(3.6
)
NM
15.0
8.3
(4.5
)
Net Income (Loss) Attributable to
Franklin Resources, Inc.
$
163.6
$
(84.7
)
NM
$
174.0
$
124.2
$
251.3
Earnings (Loss) per Share
Basic
$
0.29
$
(0.19
)
NM
$
0.32
$
0.23
$
0.50
Diluted
0.29
(0.19
)
NM
0.32
0.23
0.50
Dividends Declared per Share
$
0.32
$
0.31
3
%
$
0.31
$
0.31
$
0.31
Average Shares Outstanding
Basic
517.4
516.2
0
%
516.5
518.4
487.0
Diluted
518.2
516.2
0
%
517.2
519.2
487.9
Operating Margin
9.7
%
(6.8
)%
10.5
%
6.0
%
10.4
%
AUM AND FLOWS
(in billions)
Three Months Ended
December 31,
%
Change
2024
2023
Beginning AUM
$
1,678.6
$
1,374.2
22
%
Long-term inflows
97.8
68.9
42
%
Long-term outflows
(147.8
)
(73.9
)
100
%
Long-term net flows
(50.0
)
(5.0
)
900
%
Cash management net flows
—
4.7
(100
%)
Total net flows
(50.0
)
(0.3
)
NM
Net market change, distributions and
other6
(52.9
)
81.6
NM
Ending AUM
$
1,575.7
$
1,455.5
8
%
Average AUM
$
1,634.5
$
1,394.2
17
%
AUM BY ASSET CLASS
(in billions)
31-Dec-24
30-Sep-24
% Change
30-Jun-24
31-Mar-24
31-Dec-23
Equity
$
620.0
$
632.1
(2
%)
$
595.0
$
592.7
$
467.5
Fixed Income
469.5
556.4
(16
%)
564.5
571.4
511.7
Alternative
248.8
249.9
0
%
254.5
255.5
256.2
Multi-Asset
174.0
176.2
(1
%)
168.1
163.4
154.6
Cash Management
63.4
64.0
(1
%)
64.5
61.7
65.5
Total AUM
$
1,575.7
$
1,678.6
(6
%)
$
1,646.6
$
1,644.7
$
1,455.5
Average AUM for the Three-Month
Period
$
1,634.5
$
1,667.5
(2
%)
$
1,632.6
$
1,581.1
$
1,394.2
AUM BY SALES REGION
(in billions)
31-Dec-24
30-Sep-24
% Change
30-Jun-24
31-Mar-24
31-Dec-23
United States
$
1,102.5
$
1,177.1
(6
%)
$
1,155.0
$
1,155.9
$
1,019.4
International
Europe, Middle East and Africa
193.7
209.1
(7
%)
205.8
206.3
180.6
Asia-Pacific
165.2
178.0
(7
%)
174.1
170.4
150.5
Americas, excl. U.S.
114.3
114.4
0
%
111.7
112.1
105.0
Total international
473.2
501.5
(6
%)
491.6
488.8
436.1
Total
$
1,575.7
$
1,678.6
(6
%)
$
1,646.6
$
1,644.7
$
1,455.5
AUM AND FLOWS BY ASSET CLASS
(in billions)
for the three months ended
December 31, 2024
Equity
Fixed
Income
Alternative
Multi-Asset
Cash
Management
Total
AUM at October 1, 2024
$
632.1
$
556.4
$
249.9
$
176.2
$
64.0
$
1,678.6
Long-term inflows
55.9
26.4
4.3
11.2
—
97.8
Long-term outflows
(43.4
)
(93.1
)
(3.5
)
(7.8
)
—
(147.8
)
Long-term net flows
12.5
(66.7
)
0.8
3.4
—
(50.0
)
Cash management net flows
—
—
—
—
—
—
Total net flows
12.5
(66.7
)
0.8
3.4
—
(50.0
)
Net market change, distributions and
other6
(24.6
)
(20.2
)
(1.9
)
(5.6
)
(0.6
)
(52.9
)
AUM at December 31, 2024
$
620.0
$
469.5
$
248.8
$
174.0
$
63.4
$
1,575.7
(in billions)
for the three months ended
September 30, 2024
Equity
Fixed
Income
Alternative
Multi-Asset
Cash
Management
Total
AUM at July 1, 2024
$
595.0
$
564.5
$
254.5
$
168.1
$
64.5
$
1,646.6
Long-term inflows
36.8
33.0
4.0
8.7
—
82.5
Long-term outflows
(36.0
)
(66.9
)
(5.0
)
(5.9
)
—
(113.8
)
Long-term net flows
0.8
(33.9
)
(1.0
)
2.8
—
(31.3
)
Cash management net flows
—
—
—
—
(0.2
)
(0.2
)
Total net flows
0.8
(33.9
)
(1.0
)
2.8
(0.2
)
(31.5
)
Net market change, distributions and
other6
36.3
25.8
(3.6
)
5.3
(0.3
)
63.5
AUM at September 30, 2024
$
632.1
$
556.4
$
249.9
$
176.2
$
64.0
$
1,678.6
(in billions)
for the three months ended
December 31, 2023
Equity
Fixed
Income
Alternative
Multi-Asset
Cash
Management
Total
AUM at October 1, 2023
$
430.4
$
483.1
$
254.9
$
145.0
$
60.8
$
1,374.2
Long-term inflows
27.0
28.3
5.9
7.7
—
68.9
Long-term outflows
(26.8
)
(36.7
)
(3.2
)
(7.2
)
—
(73.9
)
Long-term net flows
0.2
(8.4
)
2.7
0.5
—
(5.0
)
Cash management net flows
—
—
—
—
4.7
4.7
Total net flows
0.2
(8.4
)
2.7
0.5
4.7
(0.3
)
Net market change, distributions and
other6
36.9
37.0
(1.4
)
9.1
—
81.6
AUM at December 31, 2023
$
467.5
$
511.7
$
256.2
$
154.6
$
65.5
$
1,455.5
Supplemental Non-GAAP Financial Measures
As supplemental information, we are providing performance
measures for “adjusted operating income,” “adjusted operating
margin,” “adjusted net income” and “adjusted diluted earnings per
share,” each of which is based on methodologies other than
generally accepted accounting principles (“non-GAAP measures”).
Management believes these non-GAAP measures are useful indicators
of our financial performance and may be helpful to investors in
evaluating our relative performance against industry peers.
“Adjusted operating income,” “adjusted operating margin,”
“adjusted net income” and “adjusted diluted earnings per share” are
defined below, followed by reconciliations of operating income
(loss), operating margin, net income attributable to Franklin
Resources, Inc. and diluted earnings per share on a U.S. GAAP basis
to these non-GAAP measures. Non-GAAP measures should not be
considered in isolation from, or as substitutes for, any financial
information prepared in accordance with U.S. GAAP, and may not be
comparable to other similarly titled measures of other companies.
Additional reconciling items may be added in the future to these
non-GAAP measures if deemed appropriate.
Adjusted Operating Income
We define adjusted operating income as operating income (loss)
adjusted to exclude the following:
- Elimination of operating revenues upon consolidation of
investment products.
- Acquisition-related items:
- Acquisition-related retention compensation.
- Other acquisition-related expenses including professional fees,
technology costs and fair value adjustments related to contingent
consideration assets and liabilities.
- Amortization of intangible assets.
- Impairment of intangible assets and goodwill, if any.
- Special termination benefits and other expenses related to
workforce optimization initiatives related to past acquisitions and
certain initiatives undertaken by the Company.
- Impact on compensation and benefits expense from gains and
losses on investments related to deferred compensation plans, which
is offset in investment and other income (losses), net.
- Impact on compensation and benefits expense related to minority
interests in certain subsidiaries, which is offset in net income
(loss) attributable to redeemable noncontrolling interests.
Adjusted Operating Margin
We calculate adjusted operating margin as adjusted operating
income divided by adjusted operating revenues. We define adjusted
operating revenues as operating revenues adjusted to exclude the
following:
- Elimination of operating revenues upon consolidation of
investment products.
- Acquisition-related performance-based investment management
fees which are passed through as compensation and benefits
expense.
- Sales and distribution fees and a portion of investment
management fees allocated to cover sales, distribution and
marketing expenses paid to the financial advisers and other
intermediaries who sell our funds on our behalf.
Adjusted Net Income and Adjusted Diluted Earnings Per
Share
We define adjusted net income as net income (loss) attributable
to Franklin Resources, Inc. adjusted to exclude the following:
- Activities of CIPs.
- Acquisition-related items:
- Acquisition-related retention compensation.
- Other acquisition-related expenses including professional fees,
technology costs and fair value adjustments related to contingent
consideration assets and liabilities.
- Amortization of intangible assets.
- Impairment of intangible assets and goodwill, if any.
- Interest expense for amortization of debt premium from
acquisition-date fair value adjustment.
- Special termination benefits and other expenses related to
workforce optimization initiatives related to past acquisitions and
certain initiatives undertaken by the Company.
- Net gains or losses on investments related to deferred
compensation plans which are not offset by compensation and
benefits expense.
- Net compensation and benefits expense related to minority
interests in certain subsidiaries not offset by net income (loss)
attributable to redeemable noncontrolling interests.
- Unrealized investment gains and losses.
- Net income tax expense of the above adjustments based on the
respective blended rates applicable to the adjustments.
We define adjusted diluted earnings per share as diluted
earnings per share adjusted to exclude the per share impacts of the
adjustments applied to net income in calculating adjusted net
income.
In calculating our non-GAAP measures, we adjust for the impact
of CIPs because it is not considered reflective of our underlying
results of operations. Acquisition-related items and special
termination benefits are excluded to facilitate comparability to
other asset management firms. We adjust for compensation and
benefits expense related to funded deferred compensation plans
because it is partially offset in other income (expense), net. We
adjust for compensation and benefits expense and net income (loss)
attributable to redeemable noncontrolling interests to reflect the
economics of certain profits interest arrangements. Sales and
distribution fees and a portion of investment management fees
generally cover sales, distribution and marketing expenses and,
therefore, are excluded from adjusted operating revenues. In
addition, when calculating adjusted net income and adjusted diluted
earnings per share we exclude unrealized investment gains and
losses included in investment and other income (losses) because the
related investments are generally expected to be held long
term.
The calculations of adjusted operating income, adjusted
operating margin, adjusted net income and adjusted diluted earnings
per share are as follows:
(in millions)
Three Months Ended
31-Dec-24
30-Sep-24
31-Dec-23
Operating income (loss)
$
219.0
$
(150.7
)
$
206.5
Add (subtract):
Elimination of operating revenues upon
consolidation of investment products*
12.5
12.7
11.4
Acquisition-related retention
45.8
46.3
69.1
Compensation and benefits expense from
gains on deferred compensation, net
0.9
15.7
19.0
Other acquisition-related expenses
9.4
31.8
6.8
Amortization of intangible assets
112.6
83.8
85.8
Impairment of intangible assets
—
389.2
—
Special termination benefits
0.4
12.0
6.7
Compensation and benefits expense related
to minority interests in certain subsidiaries
12.2
10.8
11.7
Adjusted operating income
$
412.8
$
451.6
$
417.0
Total operating revenues
$
2,251.6
$
2,211.2
$
1,991.1
Add (subtract):
Acquisition-related pass through
performance fees
(69.1
)
(10.5
)
(72.6
)
Sales and distribution fees
(375.5
)
(368.0
)
(296.4
)
Allocation of investment management fees
for sales, distribution and marketing expenses
(136.8
)
(128.9
)
(104.4
)
Elimination of operating revenues upon
consolidation of investment products*
12.5
12.7
11.4
Adjusted operating revenues
$
1,682.7
$
1,716.5
$
1,529.1
Operating margin
9.7
%
(6.8
%)
10.4
%
Adjusted operating margin
24.5
%
26.3
%
27.3
%
(in millions, except per share data)
Three Months Ended
31-Dec-24
30-Sep-24
31-Dec-23
Net income (loss) attributable to
Franklin Resources, Inc.
$
163.6
$
(84.7
)
$
251.3
Add (subtract):
Net (income) loss of consolidated
investment products*
4.2
(2.8
)
(2.2
)
Acquisition-related retention
45.8
46.3
69.1
Other acquisition-related expenses
12.7
32.0
10.8
Amortization of intangible assets
112.6
83.8
85.8
Impairment of intangible assets
—
389.2
—
Special termination benefits
0.4
12.0
6.7
Net (gains) losses on deferred
compensation plan investments not offset by compensation and
benefits expense
1.3
(2.9
)
(6.0
)
Unrealized investment (gains) losses
31.5
(23.9
)
(49.0
)
Interest expense for amortization of debt
premium
(4.9
)
(5.2
)
(6.4
)
Net compensation and benefits expense
related to minority interests in certain subsidiaries not offset by
net income (loss) attributable to redeemable noncontrolling
interests
4.1
2.3
(2.0
)
Net income tax expense of adjustments
(50.8
)
(130.9
)
(29.6
)
Adjusted net income
$
320.5
$
315.2
$
328.5
Diluted earnings (loss) per
share
$
0.29
$
(0.19
)
$
0.50
Adjusted diluted earnings per
share
0.59
0.59
0.65
__________________
*
The impact of CIPs is summarized as
follows:
(in millions)
Three Months Ended
31-Dec-24
30-Sep-24
31-Dec-23
Elimination of operating revenues upon
consolidation
$
(12.5
)
$
(12.7
)
$
(11.4
)
Other income (expenses), net
61.5
32.5
(8.6
)
Less: income (loss) attributable to
noncontrolling interests
53.2
17.0
(22.2
)
Net income (loss)
$
(4.2
)
$
2.8
$
2.2
Notes
- Net income (loss) represents net income (loss) attributable to
Franklin Resources, Inc.
- “Adjusted net income,” “adjusted diluted earnings per share,”
“adjusted operating income” and “adjusted operating margin” are
based on methodologies other than generally accepted accounting
principles. See “Supplemental Non-GAAP Financial Measures” for
definitions and reconciliations of these measures.
- Includes $20.1 billion of reinvested distributions.
- Average AUM is calculated as the average of the month-end AUM
for the trailing four months.
- Includes our direct investments in CIPs of $1.1 billion,
approximately $356 million of employee-owned and other third-party
investments made through partnerships, approximately $361 million
of investments that are subject to long-term repurchase agreements
and other net financing arrangements, and approximately $437
million of cash and investments related to deferred compensation
plans.
- Net market change, distributions and other includes
appreciation (depreciation), distributions to investors that
represent return on investments and return of capital, and foreign
exchange revaluation.
Franklin Resources, Inc. (NYSE: BEN) is a global investment
management organization with subsidiaries operating as Franklin
Templeton and serving clients in over 150 countries. Franklin
Templeton’s mission is to help clients achieve better outcomes
through investment management expertise, wealth management and
technology solutions. Through its specialist investment managers,
the Company offers specialization on a global scale, bringing
extensive capabilities in equity, fixed income, alternatives and
multi-asset solutions. With more than 1,500 investment
professionals, and offices in major financial markets around the
world, the California-based company has over 75 years of investment
experience and approximately $1.6 trillion in AUM as of December
31, 2024. The Company posts information that may be significant for
investors in the Investor Relations and News Center sections of its
website, and encourages investors to consult those sections
regularly. For more information, please visit
investors.franklinresources.com.
Forward-Looking Statements
Some of the statements herein may include forward-looking
statements that reflect our current views with respect to future
events, financial performance and market conditions. Such
statements are provided under the “safe harbor” protection of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that do not relate solely to
historical or current facts and generally can be identified by
words or phrases written in the future tense and/or preceded by
words such as “anticipate,” “believe,” “could,” “depends,”
“estimate,” “expect,” “intend,” “likely,” “may,” “plan,”
“potential,” “seek,” “should,” “will,” “would,” or other similar
words or variations thereof, or the negative thereof, but these
terms are not the exclusive means of identifying such
statements.
Forward-looking statements involve a number of known and unknown
risks, uncertainties and other important factors that may cause
actual results and outcomes to differ materially from any future
results or outcomes expressed or implied by such forward-looking
statements, including market and volatility risks, investment
performance and reputational risks, global operational risks,
competition and distribution risks, third-party risks, technology
and security risks, human capital risks, cash management risks, and
legal and regulatory risks. While forward-looking statements are
our best prediction at the time that they are made, you should not
rely on them and are cautioned against doing so. Forward-looking
statements are based on our current expectations and assumptions
regarding our business, the economy and other possible future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. They are
neither statements of historical fact nor guarantees or assurances
of future performance. Factors or events that could cause our
actual results to differ may emerge from time to time, and it is
not possible for us to predict all of them.
These and other risks, uncertainties and other important factors
are described in more detail in our recent filings with the U.S.
Securities and Exchange Commission, including, without limitation,
in Risk Factors and Management’s Discussion and Analysis of
Financial Condition and Results of Operations in our Annual Report
on Form 10-K for the fiscal year ended September 30, 2024 and our
subsequent Quarterly Reports on Form 10-Q. If a circumstance occurs
after the date of this press release that causes any of our
forward-looking statements to be inaccurate, whether as a result of
new information, future developments or otherwise, we undertake no
obligation to announce publicly the change to our expectations, or
to make any revision to our forward-looking statements, to reflect
any change in assumptions, beliefs or expectations, or any change
in events, conditions or circumstances upon which any
forward-looking statement is based, unless required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250130845295/en/
Franklin Resources, Inc. Investor Relations: Selene Oh, (650)
312-4091, selene.oh@franklintempleton.com Media Relations: Jeaneen
Terrio, (212) 632-4005, jeaneen.terrio@franklintempleton.com
investors.franklinresources.com
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