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Benefits July 26, 2002
Franklin Flows Picking Up
July 26, 2002 (PLANSPONSOR.com) - Better times have
restored some of the luster to employee paychecks at Franklin
Resources.
Reported by Nevin E. Adams
The San Mateo, California-based asset manager took steps to shore up its bottom line last year, including the relatively drastic move of cutting employee salaries between 5% and 10% last October. However, fund flows have picked up since then, according to Dow Jones, and the firm rolled back most of those cuts after March 31.
Yesterday the firm, which rolled back the remaining salary cuts as of July 1, reported strong fiscal third-quarter results, including net inflows into its mutual funds across all investment objectives, company executives said.
Franklin’s strengths, value equities and international funds, have been faring well of late, according to Dow Jones.