Franklin Resources, the US asset manager, saw net profits jump 40% for the three months ending December 31, rising from $172.3m in 2003 to $240m (€185m) last year.

Assets managed by the group's subsidiaries, which include Franklin Advisers and Franklin Templeton, were up from $361.9bn in the three months to September to $402.2bn in the final quarter. This compares with $336.7bn in the final quarter of 2003.