Oct 25 Asset manager Franklin Resources Inc
said on Thursday its quarterly profit rose and just beat
Wall Street expectations, but revenue fell and expenses
For its fiscal fourth quarter ended Sept. 30, Franklin said
net income rose to $492.1 million, or $2.31 per share, from $416
million, or $1.88 per share, in the same period a year earlier.
Analysts, on average, expected the San Mateo, California,
company to earn $2.30 per share, according to Thomson Reuters
Operating revenue fell 1 percent to $1.82 billion, while
expenses rose 4 percent to $1.19 billion.
The company reported higher net income because the year-ago
period included a $116.5 million loss tied mainly to the its own
investments in its funds.
Shares in Franklin have risen steadily since the summer on
enthusiasm for its investments in developing markets, drawing
steady inflows from investors.
The inflows continued in the September quarter. The company
reported net new flows of cash from investors of $2.9 billion
during the period. But that was less than the $4.8 billion
added in the three months ended June 30.
Assets under management totaled $749.9 billion at Sept. 30,
up from $707.1 billion at June 30.