(Bloomberg) -- Franklin Resources, the investment firm whose biggest mutual funds have suffered outflows amid slumping performance, said fiscal first-quarter profit dropped 21 % as the selloff in emerging markets and energy stocks and bonds erodes assets. 

Net income for the three months ended Dec. 31 declined to $447.8 million, or 74 cents a share, from $566.4 million, or 91 cents, a year earlier, the company said in a statement Wednesday. 

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