- Franklin Resources (NYSE:BEN -2.1%) says it shed nearly $36B in total assets during January, a plunge that Citigroup analyst William Katz calls “jaw dropping.”
- BEN reported assets of $728B at the end of last month, down 4.7% from $764B at the end of December and 17% lower than $871B a year ago; the January outflows follows a Q4 in which $20.6B exited BEN’s fund lineup.
- Citi, which holds a Neutral rating and $33 price target on the stock, estimates global bond and domestic equities generated $3.7B and $3.1B of net attrition for the month, or respective 24% and 37% annualized loss rates.