The last quarter proved a tough obstacle course for Franklin Resources. The San Mateo-based mutual fund firm fell well short of what stock analysts were expecting by reporting $1.88 per share. RTT News reported that was 14 cents shy of the $2.02 that 17 analysts covering the stock were expecting [see the earnings call transcript here].

Franklin's net income was $415.98 million, up from $372.91 million or $1.65 per share last year. The firm also grew revenues to $1.84 billion from $1.53 billion last year.

Even with the third quarter's tough markets, Franklin grew its AUM 2 percent year of year to $659.9 billion as of September 30, 2011. That growth cam from $36.4 billion of net new flows. Acquisitions added another $12.5 billion and market losses subtracted $30.5 billion. 

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