Ticonderoga on Brokers & Asset Managers: BEN Solid, IVZ a Touch Disappointing
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Price: $34.31 +1.00%
Rating Summary:
5 Buy, 16 Hold, 3 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
5 Buy, 16 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Ticonderoga on Brokers & Asset Managers: BEN Solid, IVZ a Touch Disappointing by Douglas Sipkin
"Franklin Resources (NYSE: BEN) Reports Better March Results - BEN reported AUM of $703.5 billion, $3-$4 billion more than what we were estimating, driven by improvement in the international equity category. We did expect some improvement here versus January and February given the strong rally in international markets, but it was even a bit better than we thought. We estimate positive international equity flows for the month of $2.0-$2.5 billion, which will help the category for the quarter. We still expect international equity outflows in the quarter of $5-6 billion. Total equity AUM was $308.9 billion, up 1.6% from last month. Global fixed income was $161 billion, up 4%, driven by solid flows and performance. In aggregate, the report was fairly solid. We expect a quarterly organic rate of 6.5-7%, better than our estimate of 4.2% previously."
"Invesco Ltd (NYSE: IVZ) Reported AUM, Equities Weak - AUM was $641.9 billion for the month, 0.1% better than February and a 4.1% increase for the quarter. Total active equity actually declined 0.7% for the month and was up just 1.2% for the quarter compared to a 5% gain and flat returns for the S&P and FTSE, respectively. Accordingly, we expect active equity outflows in the $3-$4 billion range for the quarter. Passive fixed income helped the month, driven by an increase of $3 billion or 14.5% since February. IVZ continues to perform well in fixed income, but equities still appear to be a work in progress."
"Franklin Resources (NYSE: BEN) Reports Better March Results - BEN reported AUM of $703.5 billion, $3-$4 billion more than what we were estimating, driven by improvement in the international equity category. We did expect some improvement here versus January and February given the strong rally in international markets, but it was even a bit better than we thought. We estimate positive international equity flows for the month of $2.0-$2.5 billion, which will help the category for the quarter. We still expect international equity outflows in the quarter of $5-6 billion. Total equity AUM was $308.9 billion, up 1.6% from last month. Global fixed income was $161 billion, up 4%, driven by solid flows and performance. In aggregate, the report was fairly solid. We expect a quarterly organic rate of 6.5-7%, better than our estimate of 4.2% previously."
"Invesco Ltd (NYSE: IVZ) Reported AUM, Equities Weak - AUM was $641.9 billion for the month, 0.1% better than February and a 4.1% increase for the quarter. Total active equity actually declined 0.7% for the month and was up just 1.2% for the quarter compared to a 5% gain and flat returns for the S&P and FTSE, respectively. Accordingly, we expect active equity outflows in the $3-$4 billion range for the quarter. Passive fixed income helped the month, driven by an increase of $3 billion or 14.5% since February. IVZ continues to perform well in fixed income, but equities still appear to be a work in progress."
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