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Franklin raises first quarter income 58%.
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Financial News
- Article date:
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April 23, 2004
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Copyright informationCOPYRIGHT 2004 Financial News Publishing Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Pirkko Juntunen
Franklin Resources, the US asset manager, saw income increase by 58% to $172.8m ([euro]145.3m) in the first quarter, compared with $109.6m in the first quarter last year, despite having incurred $60m in costs related to the US mutual fund investigation.Revenues increased by 43% to $874.6m in the first quarter and assets under management were also boosted by 43% to $351.6bn. Of the increase almost $9bn came from market appreciation. Investment management fees were up 44% to nearly $500m.
Swiss assets under management has passed $1bn and Japanese assets have topped $3bn.
In ...
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