Franklin's October AUM Advances
Declared preliminary assets under management (AUM) of $694.1 billion by its subsidiaries for the end of October 2011. The results were up 5.2% from $659.9 billion as of September 30, 2011 and up 4.5% from $664.3 billion as of October 31, 2010.Month-end total equity assets came in at $281.9 billion, up 10.9% sequentially, but slightly down on a year-over-year basis. Of the total equity assets, roughly 73% were from international sources, while the remaining 27% were from the U.S.
Total fixed income assets were $308.1 billion, up 3.5% from $297.7 billion as of September 30, 2011 and up 18.0% from $261.2 billion as of October 31, 2010. Of the total, tax-free assets accounted for only 23%, while the rest 77% were taxable.
Franklin recorded $96.8 billion in hybrid assets, down 4.4% from $107.8 billion as of September 30, 2011 and 14.6% from $110.8 billion as of October 31, 2010. Cash management funds as reported were $7.3 billion, up from $6.7 billion recorded in September 2011 and $6.8 billion as of October 2010.
On a quarterly basis, as of September 30, 2011, total AUM was $659.9 billion, down from $734.2 billion as of June 30, 2011, attributed to market depreciation. AUM increased 2% year over year, mainly due to net new flows and from acquisitions, partially offset by market depreciation. Simple monthly average AUM during the quarter decreased 2.0% sequentially and increased 18.0% year over year to $714.4 billion. At the end of the quarter, net new flows were $3.1 billion versus $21.7 billion in the prior quarter and $19.4 billion in the prior-year quarter.
Earnings Recap
Franklin’s fourth-quarter 2011 earnings of $1.88 per share were below the Zacks Consensus Estimate of $1.99 per share. Results were affected by higher operating expenses and lower AUM. Moreover, the results lagged earnings of $2.26 per share in the prior quarter, but were ahead of earnings of $1.65 per share in the prior-year quarter.
For fiscal 2011, earnings per share were $8.62 versus $6.33 in the prior year. However, earnings lagged the Zacks Consensus Estimate by 3 cents per share.
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