Analyst Note| Greggory Warren, CFA |
There was little in narrow-moat Franklin Resources' fiscal third-quarter results that would alter our long-term view of the firm. We are leaving our $33 fair value estimate in place. Franklin closed the June quarter with a record $1.552 trillion in assets under management, up 3.5% sequentially and 149.2% year over year. Absent the Legg Mason deal, which added $797 billion in AUM in July 2020, managed assets were up 21.2% year over year.