US fund manager Franklin Templeton said its profits and assets under management hit new records as it reported its results for its fiscal year, which ends September 30. However, investment management fees fell in the last three months of the period.

Franklin Resources, which is the holding company for Franklin Templeton, reported net profits of $1.9bn for the 12-month period and $492.1m for the last quarter, the latter figure slightly ahead of analysts' expectations, according to a poll by Thomson Reuters.