reported a rise in quarterly profit Thursday, beating Wall Street estimates.
The manager of Franklin Templeton Investments posted fiscal fourth-quarter net income of $152.1 million, or 61 cents a share, more than double the $68.5 million, or 26 cents a share, it posted in the same period the prior year. Wall Street had forecast 56 cents a share.
Revenue rose to $722 million from $608.3 million a year earlier, with the help of higher fees from investment management, underwriting and shareholder servicing. Analysts had expected revenue of $710.4 million.
Assets under management increased to $301.9 billion from $247.8 billion in the same quarter a year earlier.
The asset mix tilted toward equities, which now represent 51% of total assets under management, compared with 48% a year ago. Fixed income now represents 32% of total assets, down from 35% in the same period last year.
The stock was fractionally lower at $45.43 in midday trading Thursday.