(Reuters) - Franklin Resources (NYSE:BEN) reported higher-than-expected profit for the first quarter on Monday, thanks to strength in its equity and fixed-income products.
Shares of the investment manager, better known as Franklin Templeton, inched up 0.6% in early trading.
Markets have rallied in the last few months due to firming bets of a soft landing, helping assets under management (AUM) at equity investment products grow 11.5%.
In the San Mateo, California-based investment manager's fixed-income products, AUM grew 3.4%. Such products typically fetch lower fees than equity and alternatives for Franklin.
Excluding one-time costs, profit was 65 cents per share for the three months ended Dec. 31, compared with estimates of 57 cents per share, according to LSEG data.