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© Reuters. FILE PHOTO: Jenny Johnson, President and CEO of Franklin Templeton, speaks during the Global Financial Leaders’ Investment Summit, in Hong Kong, China November 7, 2023. REUTERS/Tyrone Siu/File Photo
(Reuters) – Franklin Resources (NYSE:) has reported an impressive first-quarter profit, surpassing expectations thanks to the strong performance of its equity and fixed-income products.
Franklin Templeton, as the investment manager is better known, saw its shares rise by 0.6% in early trading, reflecting the positive news.
The company’s equity investment products have experienced significant growth, with assets under management (AUM) increasing by 11.5% due to the recent market rally.
Similarly, AUM for the investment manager’s fixed-income products also saw growth at 3.4%, despite typically commanding lower fees than equity and alternatives for Franklin.
Excluding one-time costs, the company reported earnings of 65 cents per share for the three months ended Dec. 31, beating estimates of 57 cents per share, according to LSEG data.