April 28 (Reuters) – Investment manager Franklin Resources, better known as Franklin Templeton, reported a jump in second-quarter profit on Tuesday, helped by strong inflows that lifted its fee income.
Inflows boost assets under management, helping managers earn steady fees even in weak or volatile markets.
Here are some details:
• Franklin Templeton’s assets under management stood at $1.68 trillion at the end of the second quarter, up 9% from a year ago.
• Total long-term net inflows rose to $16.9 billion, compared with a net outflow of $26.2 billion a year ago.
• The company’s total investment management fees – the largest contributor to its total operating revenue – rose 9% to $1.82 billion during the quarter.
• Excluding one-time costs, the company earned $384.5 million, or 71 cents per share, compared with $254.4 million, or 47 cents per share, a year earlier.
(Reporting by Pragyan Kalita in Bengaluru; Editing by Maju Samuel)
