Franklin Resources on October 22 said its quarterly profit nearly halved amid a sharp decline in assets under management.

The San Mateo, California, investment firm said assets under management tumbled 14% to $770.9 billion, paced by a sharp drop in equities. The firm pointed to weaker markets and $48.8 billion in net new outflows for the drop. The stronger US dollar also continued to hurt Franklin, as a significant slice of its assets under management are denominated in foreign currencies.