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Franklin Resources Assets Surge

Mutual fund company Franklin Resources (BEN) reported a 78% jump in its fourth-quarter profit on a sharp rise in assets under management.

The San-Mateo, Calif.-based company, which operates as Franklin Templeton Investments, said net income for the quarter ended Sept. 30 was $334.5 million, or $1.28 a share, on revenue of $1.16 billion. The earnings beat Thomson First Call's mean analyst estimate of $1.02 a share. A year earlier, Franklin earned $187.7 million, or 73 cents a share, on revenue of $881.7 million.

Franklin said assets under management were $453.1 billion at Sept. 30, up from $425.4 billion at June 30 and $361.9 billion at the same time a year ago. Simple monthly average assets under management were $440.5 billion in the fourth quarter, compared to $416.0 billion in the preceding quarter and $353.3 billion in the same quarter a year ago.

Equity assets increased to 58% of total assets under management, compared with 57% for the previous quarter and 55% for the same time last year, the company said. Fixed-income assets comprised 23% of total assets under management, compared with 24% for the previous quarter and 27% for the same time last year. Hybrid assets accounted for 17% of total assets under management at Sept. 30, consistent with the last quarter and above 16% at the same time last year.

In terms of fundflows, Franklin's sales exceeded redemptions by $8 billion for the fourth quarter, up from $7.7 billion for the prior quarter and $6.6 billion for the comparable quarter a year ago.

Shares of Franklin Resources recently traded at $91.75, up $4.03, or 4.6%.

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