Franklin Resources Inc. reported net income attributable to the company of $440.2 million, or 77 cents per share, for its fiscal first quarter ended Dec. 31, 2016, down from $447.8 million, or 74 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was 69 cents.

Total operating revenues for the quarter dropped to $1.56 billion from $1.76 billion in the prior-year period. Total operating expenses totaled $973.9 million, compared with $1.10 billion in the year-ago period.

Total assets under management were $720.0 billion at Dec. 31, 2016, down from $733.3 billion at Sept. 30, 2016. The company attributed the drop in AUM primarily to $14.4 billion of net outflows during the quarter.

During the quarter, Franklin Resources repurchased 7.1 million common shares for a total cost of $261.7 million.