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Franklin Res; Private Credit Growth Continues Apace

FINANCIALS

Franklin Res (BEN US) reported 1Q24 results (3M to Dec-23) which were well ahead of consensus on revenues and profits.


  • Franklin has no European traded credit (and not a huge USD issuer actually) but, as a firm which manages USD512bn of fixed income assets (let alone the credit exposures within the USD411bn of alternatives and multi-asset mandates), commentary from mgmt is indicative for broader global credit trends.
  • Fixed income saw net outflows (again) which equate to c.7% annualised but this was better than 4Q22 (nearer 11%) – this is hardly a stellar backdrop. Alternatives were a highlight with some bumper private credit raising figures.
  • By region, “non-US” was consistently mentioned as the growth driver, which looks to be EMEA and AsPac, which does appear to imply some interest in European credit in aggregate from US investors.
  • Conf call is 1600 London time where we expect to learn more.
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