MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, January 23, 2004 Franklin Resources Does Well Despite Scandal Despite the ongoing investigation into mutual fund trading practices at Franklin Templeton, Franklin Resources Inc., said its profits shot up by 57 percent last quarter as it drew increased fees from investment management as well as underwriting and distribution. The San Mateo company said its net income rose to $172.3 million or 69 cents per share in the fiscal first quarter that ended Dec. 31. Last year it was $109.8 million or 43 cents). Also included was a gain of $4.8 million or 2 cents for an accounting change. Meanhwhile, total operating revenue, which includes fees for investment management, shareholder servicing and underwriting and distribution, rose 33 percent to $806.2 million from $605.5 million. Investment-management fees increased 29 percent to $454.5 million, and underwriting and distribution fees increased 47 percent to $272.8 million. The company's assets under management as of December 31 were $336.7 billion from $257.7 billion. Printed from: MFWire.com/story.asp?s=6536 Copyright 2004, InvestmentWires, Inc. All Rights Reserved |