Franklin Resources, the US asset manager, saw income increase by 58% to $172.8m (€145.3m) in the first quarter, compared with $109.6m in the first quarter last year, despite having incurred $60m in costs related to the US mutual fund investigation.

Revenues increased by 43% to $874.6m in the first quarter and assets under management were also boosted by 43% to $351.6bn. Of the increase almost $9bn came from market appreciation. Investment management fees were up 44% to nearly $500m.