Franklin Templeton quarterly profit rises on asset growth

Nov 7 (Reuters) - Investment manager Franklin Resources BEN.N, better known as Franklin Templeton, reported a rise in fourth-quarter profit on Friday, driven by strong growth across its asset classes.

The asset manager's total long-term inflows were up 12% at $84.6 billion during the quarter. Excluding Western Asset Management, its long-term inflows were $11.4 billion.

Franklin's total investment management fees, the largest contributor to its total operating revenue, rose 6% to $1.87 billion during the quarter.

The asset manager reported record growth in alternative AUM to $270 billion, aided by its Apera Asset Management acquisition and $26.2 billion fundraising.

Franklin Templeton ended the quarter with $1.66 trillion in assets under management, down 1% from a year ago.

Total net outflows narrowed to $11.9 billion from $32.6 billion a year ago.

Excluding one-time costs, Franklin's quarterly profit was $357.5 million, or 67 cents per share, compared with $315.2 million, or 59 cents, a year ago.