Franklin Resources quarterly profit more than tripled as investors put billions of dollars into the money manager’s global portfolios.
The company, which manages the popular Franklin Income Fund and Templeton Global Bond Fund, took in $17.4bn (£11.5bn) in new cash during the quarter, significantly more than rivals such as T Rowe Price Group, which pulled in $10.3bn.
The bulk of new money went into Franklin’s global and international taxable fixed-income funds.
Franklin’s shares were up 72 cents at $113.69 while other asset managers also posted small gains. Its inflows helped boost net income to $356.7m or $1.55 a share, during its fiscal second quarter.
Total revenue was up 55 per cent to $1.4bn, slightly below expectations.