Franklin Resources, Inc. (NYSE:BEN) reported its Q1/2021 results, with adjusted EPS coming in at $1.08, which beat the Street estimate of $0.88.

The analysts at Deutsche Bank provided their views on the company following the results, viewing Q1 as being reasonably good with investment management fees of $1.760 billion exceeding their $1.645 billion estimate, though entirely due to higher performance fees than expected.

According to the analysts, cost control was relatively good with an adjusted operating margin of 39.8% rising from 39.0% in the September quarter.

The company’s management highlighted continued progress across a variety of areas on the earnings call, including achieving 100% of the $300 million annual run rate expense synergies in the quarter from the Legg Mason acquisition, and continued traction in several strategic growth initiatives.