Franklin’s Profit Rises 22% to $367.4 Million

Franklin Resources reported profits for its fiscal fourth quarter ended Sept. 30 rose 22% to $367.4 million, or $1.60 a share, up from $300.5 million, or $1.28 a share, a year ago. That beat analysts’ expectations of earnings of $1.32 a share.

While revenue fell 6.3% to $1.2 billion, the firm reduced expenses by 6.1% to $854.2 million.

Assets under management rose 16% to $523.4 billion, up from $451.2 billion as of June 30, with most of the $12.2 billion in inflows going to Franklin’s bond funds. That boosted assets in the firm’s fixed income funds to 33% of all assets, up from 28% a year ago.