Franklin Resources (BEN) delivered a mixed QQ2 2024: revenue and gross margin expanded on the back of the Putnam acquisition and strong market fundamentals, while profitability reflected ongoing integration costs and episodic alternative asset fees. AUM reached a fresh high of $1.64 trillion, up 13% sequentially and 16% year over year, driven by Putnam’s contribution, positive markets, and net inflows. Long-term inflows totaled $85 billion in the quarter, with fixed income, multi-asset and alternatives leading the flow mix. The firm’s strategic emphasis on alternatives, customized investment solutions (including SMAs, ETFs, and Canvas), and global distribution is channeling growth, particularly outside the United States, while management cautions that near-term earnings will remain sensitive to market mix, performance fees, and calendar-driven compensation costs.