These may the times that test Franklin Templeton’s soul.
reported a net income for this quarter of 92 cents per share, missing analyst consensus of 95 cents, reports Bloomberg
. Share prices dropped 1.8 percent as a result, the wire reports.
The newswire cites Sandler O’Neill analyst Michael Kim, who says that Franklin’s lower cost funds saw more growth than their higher fee products.
also reports that a big driver of flows for the firm, Michael Hasenstab’s $72-billion Templeton Global Bond Fund
, (which Morningstar data says outperformed 99 percent of its peers for the past 10-years) has seen outflows this year because Hasenstab has invested heavily in off-shore debt from the Ukraine.
that Hasenstab has taken a number of notable bets recently, including heavy allocations into troubled Ghana.
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