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Friday, January 29, 2010

Fund Companies Bounce Back

News summary by MFWire's editors

Plowing the through the earnings releases mutual fund firms have put out this week, The Wall Street Journal's "Fund Track" Friday noted that after a particularly horrific 2008, Franklin Resources, Invesco, Janus and T. Rowe Price have turned themselves around, outperforming analyst expectations.

"Our revenues, after being destroyed [in the final 2008 quarter], are very much on the mend," James Kennedy, chief executive of T. Rowe told The Journal's Sam Mamudi.

"There's no question it's a different world today than a year ago," added Marty Flanagan, president and CEO of Invesco. "People are still scared but the economy's getting stronger."

BlackRock was another strong performer this quarter, with increased revenue and AUM, in part thanks to the Barclays deal.

Legg Mason, on the other hand, saw a $33 billion outflow in Q4, although it reported a 48 cent per share profit. 

Edited by: Daniel Tovrov

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