Franklin Resources Reports Positive Fixed Income Flows

Franklin Resources, Inc. (NYSE: BEN) reported on 8/31 a total AUM of $600.4B, down 0.4% from the $602.9B reported on 7/31, Jefferies reports.

Jefferies writes that the decrease was the result of a decline in equity AUM offset by a modest increase (2.6%) in fixed income. Equities were down 3.2% to $245.4B, Hybrids down 1.1% to $105.3B, compared to total returns of -4.5%, -3.1%, and 0.58% for the month of August by S&P 500, MSCI EAFE, and Barclays US Aggregate Bond Index, respectively.

Jefferies maintains its Hold rating and $110 price target.

Franklin Resources, Inc. closed yesterday at $104.99.