Franklin Templeton suffers big profit drop as investors pull cash from mutual funds

Franklin Resources Inc., the manager of the $58 billion Templeton Global Bond Fund, reported a worse-than-expected 44% drop in fiscal fourth-quarter profit as the slump in emerging markets and energy eroded assets and prompted record investor redemptions.

Net income for the three months ended Sept. 30 declined to $358.2 million, or 59 cents a year, from $640.6 million, or $1.02 a share, a year earlier, the San Mateo, Calif.-based company said Thursday in a statement. Analysts had expected earnings of 76 cents a share, according to the average of 16 respondents to a Bloomberg survey.

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