Franklin profits, revenues beat Street

Franklin Resources Inc.’s second-quarter profits more than doubled due to more inflow into its funds and higher earnings from its investments, the San Mateo, Calif.-based asset manager announced today.
APR 26, 2007
Franklin Resources Inc.’s second-quarter profits more than doubled due to more inflow into its funds and higher earnings from its investments, the San Mateo, Calif.-based asset manager announced today. Franklin posted net income of $440.9 million, or $1.73 per share, compared with profit of $196.5 million, or 74 cents per share, in the first quarter of 2006. The results beat estimates of analysts polled by Thomson Financial, who forecast profit of $1.63 per share. Revenues rose 20% to $1.51 billion from $1.25 billion in the same quarter a year ago. Wall Street expected revenues of $1.49 billion. Assets under management by the company’s subsidiaries were $576.0 billion as of March 31, according to the company, as opposed to $491.6 billion at the same time last year.

Latest News

Merrill to pay $39 million in cash sweep settlement
Merrill to pay $39 million in cash sweep settlement

The financial advice industry has been facing inquiries into its cash sweep programs for years now.

SEC accuses fund advisor of defrauding SpaceX, OpenAI investors
SEC accuses fund advisor of defrauding SpaceX, OpenAI investors

Investor money allegedly went to strip clubs, exotic cars, and landscaping

RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey
RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey

Procyon adds $415 million in assets under management in New Jersey while Savant picks up a $213 million Southern California planning firm

Beyond sell or inherit: A third exit for appreciated property
Beyond sell or inherit: A third exit for appreciated property

With a growing number of real estate-rich Baby Boomers aging into retirement, some advisors may be failing to consider all the options available for those clients' assets.

AI marketing adoption gap costs financial firms revenue
AI marketing adoption gap costs financial firms revenue

Cornerstone Advisors study reveals compliance bottlenecks stall campaigns weeks after customer opportunities close.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains