Franklin Resources, Inc. announced net income of $163.6 million, or $0.29 per diluted share, for the quarter ended December 31, 2024. This represents a rebound from the net loss of $84.7 million, or $0.19 per diluted share, reported in the previous quarter, though it is a decrease from $251.3 million, or $0.50 per diluted share, in the prior year's quarter.
Adjusted diluted earnings per share for the quarter were $0.59, consistent with the previous quarter but down from $0.65 in the prior year. Total operating revenues increased 13% year-over-year to $2,251.6 million. Total assets under management (AUM) were $1.58 trillion at quarter-end, a 6% decrease from the previous quarter but an 8% increase year-over-year.
The firm experienced long-term net outflows of $50.0 billion, primarily driven by $67.9 billion in outflows from Western Asset Management (WAM). However, excluding WAM, Franklin Resources recorded positive long-term net inflows of $18 billion, with positive flows across all asset classes. The institutional pipeline of won-but-unfunded mandates increased by $2.3 billion to $18.1 billion.
Fundraising in alternatives generated $6 billion this quarter, including $4.3 billion in private market assets. The company also launched its first evergreen secondaries private equity fund for the wealth channel, achieving an initial fundraising cap of $900 million in AUM. Franklin Templeton reiterated its commitment to supporting WAM by integrating select corporate functions to create efficiencies while preserving investment team autonomy.
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