January 30, 2014 / 3:05 PM / in 4 years

UPDATE 1-Franklin Resources profit surges 17 percent; shares rise

Jan 30 (Reuters) - Franklin Resources Inc said on Thursday its quarterly profit rose 17 percent as market gains drove up assets, helping the fund manager beat analysts’ expectations and sending its shares up 2 percent in early trading.

For its fiscal first quarter ended Dec. 31, the company, which operates as Franklin Templeton Investments, reported net income of $603.8 million, or 96 cents per share, up from $516.1 million, or 81 cents per share, a year earlier.

Analysts surveyed by Thomson Reuters I/B/E/S on average had expected a profit of 93 cents per share.

In morning trading, shares were up 2.15 percent at $53.80.

Total assets under management were $879.1 billion as of Dec. 31, up $34.4 billion during the quarter. The increase was mainly due to $36.0 billion in market appreciation.

Franklin Resources, based in San Mateo, California, reported no net new flows of investor cash among its long-term funds. The result was an improvement over the prior quarter, when the company reported a net outflow among those funds.

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