Franklin Resources (NYSE: BEN) reported Q1 EPS of $0.73, $0.01 better than the analyst estimate of $0.72. Revenue for the quarter came in at $2 billion versus the consensus estimate of $1.93 billion.

“This month marks a full year since we announced our acquisition of Legg Mason and its specialist investment managers,” said Jenny Johnson, President and CEO of Franklin Resources, Inc. “I couldn’t be prouder of the progress we’ve made in bringing our teams together to form one company – with a singular focus on delivering exceptional client outcomes. The first full quarter of the combined company saw some encouraging trends, including a record high in AUM of approximately $1.5 trillion, driven primarily by strong market performance. In addition, the Company delivered strong operating and financial results.

“Investment performance broadly improved this quarter. Western Asset continues to perform exceptionally well, while Brandywine performance rebounded strongly. In terms of mutual funds, several of our value-oriented equity strategies generated noteworthy results and we continue to see strong performance in U.S. equities and U.S. fixed income. On the distribution front, momentum continued to build with positive net flows into Benefit Street Partners, Clarion Partners, ClearBridge, Fiduciary Trust, Franklin Equity Group, Franklin Templeton Fixed Income, Martin Currie, Royce and Western Asset. Cross-selling initiatives have started to yield positive results as we effectively respond to client needs with expanded investment capabilities.

“In addition to executing the Legg Mason acquisition, we continue to expand our offerings beyond traditional investment products and look for new, market-leading ways to serve our clients. Our proprietary Goals Optimization Engine (GOE), which launched last year, engages firms that are looking to digitally deliver a dynamic and personalized investment solution to investors. GOE is seeing early success in both the wealth and retirement segments. In the U.S., we recently announced the launch of a quick-deploy robo solution, as well as a partnership for a managed account solution within 401(k) plans – both of which are powered by GOE.

“Yesterday we officially launched our new Franklin Templeton Investment Institute, an innovative hub for research and knowledge sharing that we believe will unlock the Company’s competitive advantage as a source of global market insights. Stephen Dover, who will be taking on a new role as Chief Market Strategist, will be head of the newly-formed Investment Institute. At the same time, Terrence Murphy has expanded his leadership role to become Head of Equities for Franklin Templeton, while retaining his existing role as CEO at ClearBridge Investments.

“Our company and the value we deliver to our clients has evolved tremendously over the past 12 months. We’ve created a stronger firm that combines global strength and boutique specialization. All of this would not be possible without our incredible employees around the globe. I thank them for their efforts, dedication and client focus, especially given the ongoing unusual operating environment caused by the COVID-19 pandemic.”

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