May 2 (Reuters) - Investment manager Franklin Templeton BEN.N on Friday reported a decline in second-quarter profit, as a tariff-driven slump in the equity market hurt its fee income.
WHY IT'S IMPORTANT
U.S. stocks grappled with broad weakness as President Donald Trump's sweeping tariff imposition on the country's trade partners triggered economic turmoil.
As a result, investors rushed to park their money in safer assets such as treasury bonds and gold instead of equities, which are a riskier bet to make at a time when the markets are volatile.
BY THE NUMBERS
Franklin Templeton's assets under management stood at $1.54 trillion at the end of the second quarter, down 6% from a year ago.
The company's total investment management fees, the largest contributor to its total operating revenue, fell 2% to $1.67 billion during the quarter.
Excluding one-time costs, Franklin Templeton's quarterly profit was $254.4 million, or 47 cents per share, compared with $306.6 million or 56 cents a share a year earlier.
The company's total long-term net outflows were $26.2 billion in the second quarter.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shreya Biswas)
((JaiveerSingh.Shekhawat@thomsonreuters.com;))
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。