Franklin Resources reports Q1 EPS 51c, consensus 54c

Reports Q1 revenue $1.97B, consensus $1.86B. Total assets under management were $1.39B at December 31, 2022. "Despite the challenging market backdrop in our first fiscal quarter, we saw a number of positive developments to further diversify our business," said Jenny Johnson, president and CEO of Franklin Resources, Inc. "While long-term net outflows stood at $10.9 billion for the quarter, we were pleased to see the highest level of net inflows in over a decade into cash management strategies which were driven by institutional demand for low-risk assets in this uncertain market environment and helped to generate total net inflows of $6.6 billion. Flows were also net positive into key growth areas, including into our three largest alternative managers, Benefit Street Partners, Clarion Partners, and Lexington Partners, as well as into multi-asset strategies, ETFs, and Canvas(R), our Custom Indexing solution platform. Overall relative investment performance improved in our one-, three-, and five-year time periods and our won-but-not-funded institutional pipeline continued to increase."