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As of FY15-end, $BEN undiscounted future cash flow projections for the majority of its definite-lived intangible assets that exceeded their carrying values by at least 60%. $BEN estimated the future undiscounted cash flows for these assets using AUM growth rates ranging from -25% to 5%, that incorporate the impact of current market conditions.
$BEN, an investment management firm, said its assets under management for December 2017 rose modestly to $753.8Bil from $753.2Bil in November, helped by net inflows resulting from a seasonal growth in distributions. For the quarter ended December 31, 2017, preliminary average assets under management were $752.7Bil.
$BEN reported preliminary month-end assets under management of 753.2Bil at Nov. 30, 2017, compared to $750.7Bil at Oct. 31, 2017. This increase was due to net market gains that more than offset slight net outflows. Preliminary average assets under management for the quarter, through Nov. 30, 2017, were $752.4Bil.
$BEN said Franklin Templeton Investments will introduce its first passive ETFs, with an initial suite of 16 single country and regional market-cap weighted ETFs. The ETFs will be listed on NYSE Arca on November 6. The suite consists of ETFs that will target exposures to developed countries at an expense ratio of 0.09% and emerging markets at 0.19%.
$BEN reported preliminary month-end assets under management of $753.2Bil at Sept. 30, 2017, compared to $747.4Bil at Aug. 31, 2017. The increase was due to net market gains that more than offset modest net outflows. Preliminary average assets under management for the quarter ended Sept. 30, 2017 were $749Bil.
$BEN said it saw a big improvement in retail sales growth during 2Q17. On the international side, the company believes there were net inflows, excluding the lumpier institutional redemptions. Global bonds, from a retail side, saw improvement. $BEN is also seeing improvement in redemptions and flows in Europe.
Operating revenues at $BEN went down 1% to $1.6Bil in 2Q17, as it posted a 17% jump in net attributable income of $420.7MM from last year's $360.4MM. Earnings rose 21% to $0.74 per diluted share, ending the quarter with total assets under management of $740.0Bil.
$BEN said that the company is seeing positive signs in the traditional business in terms of sales. Global equity sales were good in 1Q17, but the company is seeing gradual pressure on the effective fee rate. However, $BEN believes that it is not going to be significant. Going forward, the company expects its effective fee rate to come down a bit.