Franklin Resources' first quarter results kept it firmly in the black, but with lower income and assets under management. On Tuesday the San Mateo, California-based manager of the Franklin Templeton funds unveiled Q1 2009 net income of $110.8 million, down from $120.9 million in Q4 2008 and $366.1 million in Q1 2008. Franklin's AUM fell from $591.1 billion on March 31, 2008 and $416.2 billion on December 31, to $391.1 billion on March 31, 2009.

In its release, Franklin also confirmed several strategic moves, including: moves into Malaysia and Mexico; and an increase in its stake, now 40 percent, in Dubai-based Algebra Capital, after purchasing a 25 percent stake in 2007 (see MFWire, 9/4/2007 and 2/6/2009). 

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