Mutual fund giant Franklin Resources said late last week second-quarter earnings 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, the parent company of the publisher of Mutual Fund Market News. On a sequential basis, quarterly earnings came in flat.

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