Magazine article American Banker

Franklin Resources' Earnings Edged Up 6.5% in 2d Quarter

Magazine article American Banker

Franklin Resources' Earnings Edged Up 6.5% in 2d Quarter

Article excerpt

An increase in assets under management helped to lift the profits of Franklin Resources Inc. to $81 million in the second quarter, 6.5% more than a year earlier.

Franklin, a top seller of mutual funds through banks, reported $21.9 billion in new money in the second quarter. The inflow boosted assets under management to $147.7 billion, 14.7% more than a year before.

Much of the new money went into the company's international funds.

Franklin, based in San Mateo, Calif., has been struggling to retain its market share in the bank channel. Banks have been selling domestic stock funds, but Franklin's emphasis is on portfolios that invest in U.S. bonds or international stocks.

In the second quarter, though, Franklin's bank sales began to pick up. Banks contributed 20% to total sales, up from an all-time low of 15% at the end of last year, said Gregory Johnson, president of Franklin Distributors, the company's sales arm. …

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