Franklin Resources, the fourth largest US mutual fund manager, saw earnings in the fourth quarter 2003 more than double on the same period the previous year, thanks to the recovery in global equity markets and strong inflows of assets.

Profts after tax were up by 56.9% in the last quarter of 2003 - the first quarter of Franklin's fiscal year - rising to $172.3m (€135.3m) from $109.8m in the fourth quarter of 2002.