(Reuters) – Franklin Resources reported higher-than-expected profit for the first quarter on Monday, thanks to strength in its equity and fixed-income products.
Shares of the investment manager, better known as Franklin Templeton, inched up 0.6% in early trading.
Markets have rallied in the last few months due to firming bets of a soft landing, helping assets under management (AUM) at equity investment products grow 11.5%.
In the San Mateo, California-based investment manager’s fixed-income products, AUM grew 3.4%. Such products typically fetch lower fees than equity and alternatives for Franklin.
Excluding one-time costs, profit was 65 cents per share for the three months ended Dec. 31, compared with estimates of 57 cents per share, according to LSEG data.
(Reporting by Niket Nishant in Bengaluru; Editing by Pooja Desai)
