Franklin Resources recorded a 77 percent drop in its first quarter earnings. In the three months ended December 31, the San Mateo, California-based investment manager posted a profit of $120.9 million down from $518.316 million a year earlier. Franklin ended 2008 with $416.2 billion in AUM, down 18 percent from $507.3 billion end-September and 35 percent $643.7 billion at the end of 2007.

As reported last week, Franklin is trimming 350 jobs, or about 4 percent of its global staff (see The MFWire, 01/22/09). The cuts come in the wake of a 2 percent headcount reduction at the company in October. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE