Mutual fund giant Franklin Resources yesterday said earnings for its second quarter ended March 31 dropped nearly 9% as a continued slowdown in equity markets pared the value of assets under management.

The San Mateo, Calif.-based firm, which operates the Franklin and Templeton funds, posted a net profit of $109.6 million, or 43 cents a share, down from $120 million, or 46 cents a share, in the year-ago period. Wall Street analysts, on average, were expecting the company to earn 43 cents a share, according to Thomson Financial/First Call. On a sequential basis, quarterly earnings came in flat.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.