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Friday, April 28, 2006

Franklin Resources Q2 Profit Slides

by: Armie Margaret Lee

Franklin Resources Inc. on Thursday reported a second-quarter net income of $196.5 million, down 11 percent from $221.3 million a year ago.

The San Mateo, California-based firm said it took a charge of $111.6 million to repatriate foreign earnings and a $68.4 million charge in connection with the reorganization of one of its subsidiaries, Fiduciary Trust Company International.

Revenues for the quarter expanded by 19 percent to $125 billion from $1.05 billion in the year-ago period.

Assets under management totaled $491.6 billion, up from $464.8 billion at the close of 2005 and $412.1 billion at the end of the second quarter last year. 

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