Bull Bear Report Jan 27 2011

Franklin Resources Upped Headcount and Pay

By kyle stock

Franklin Resources Inc., one of the country's biggest mutual fund companies, grew headcount and increased pay as stock markets surged at the end of 2010. In the past 12 months, Franklin added 237 workers to its payroll, according to the company's earnings release this morning. The company now employs 7,989 versus 7,752 at the end of 2009.

In the first quarter ended Dec. 31, the California-based firm set aside $292 million for compensation, a 15% increase over the year earlier period.

With $501 million in first quarter profit, a 41% increase over the year-earlier period, the company handily beat analyst estimates.

Its pool of assets under management in the quarter grew 4% to $671 billion, as investors added $3.2 billion and movement in the markets pushed up their value.

Write to Kyle Stock

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