Asset managers turned in mixed earnings reports Thursday, as fund giants Franklin Resources(BEN Quote) and T. Rowe Price(TROW Quote) beat Wall Street's estimates, but Janus Capital(JNS Quote) posted disappointing results.
As a whole, asset managers were expected to post weakened second-quarter results after a rocky equities market. Analysts had ratcheted down estimates for the quarter, as investment returns and investor inflows were expected to decline.
The profit picture was bright at Franklin Resources, the parent of Franklin Templeton Investments. The company's fiscal third-quarter earnings jumped 41% to $371.4 million, or $1.41 a share, from $261.9 million, or $1 a share, a year earlier. Analysts surveyed by Thomson First Call had expected earnings of $1.26 a share for the June quarter. ...
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