San Mateo, CA, January 22, 2004 - Franklin Resources, Inc. (Franklin Templeton Investments) (NYSE: BEN) today reported net income of $172.3 million, or $0.69 per share diluted on revenues of $806.2 million for the quarter ended December 31, 2003, including a cumulative effect of an accounting change of $4.8 million, net of tax or $0.02 per share diluted, resulting from adopting FASB Interpretation No. 46, Consolidation of Variable Interest Entities (revised December 2003). Net income was $152.1 million, or $0.61 per share diluted, on revenues of $722.0 million in the preceding quarter. In the comparable quarter a year ago, net income was $109.8 million, or $0.43 per share diluted on revenues of $605.5 million. Operating income increased 12% this quarter over the prior quarter and increased 60% over the same quarter in the prior year.

As of December 31, 2003, assets under management by the company’s subsidiaries were $336.7 billion, as compared to $301.9 billion last quarter and $257.7 billion at this time last year. Simple monthly average assets under management during the current quarter were $318.7 billion compared to $294.0 billion in the preceding quarter and $254.8 billion in the same quarter a year ago. Equity assets now comprise 54% of total assets under management as compared to 51% last quarter and 48% at December 31, 2002. Fixed-income assets now comprise 29% of total assets under management, as compared to 32% last quarter and 34% at the same time last year. As of December 31, 2003, hybrid/balanced assets account for 15% of total assets under management and remained unchanged from last quarter and the comparable quarter a year ago. Sales exceeded redemptions by $7.4 billion for the current quarter compared to $4.9 billion for the prior quarter and $1.1 billion for the comparable quarter a year ago.

Fiscal First Quarter 2004 Highlights

Performance and Products^1,2
(See important footnotes in "Supplemental Information" section at the end of the release.)

• Approximately 70% of Franklin Templeton’s long-term mutual fund assets were in funds ranked in the top two quartiles of their respective Lipper peer groups for the one-year period ended December 31, 2003, while approximately 95% of the long-term mutual fund assets were in funds ranked in the top two quartiles for the three-, five- and 10-year periods ended December 31, 2003.^3,4
• More than 70% of Franklin’s equity mutual fund assets were in funds ranked in the top two quartiles of their respective Lipper peer groups for the one-year period ended December 31, 2003, while over 85% of Franklin’s equity mutual fund assets were in funds ranked in the top two quartiles for the three-, five- and 10-year periods.^3,5
• Franklin Flex Cap Growth Fund, managed by Franklin Advisers, Inc., ranked in the top third of its Lipper peer group for the one-, three-, five- and 10-year periods ended December 31, 2003. The fund was also rated 4 stars overall by Morningstar as of December 31, 2003.^6,7
• Franklin Income Fund, Franklin Templeton’s largest fund with $18 billion in assets, ranked in the top decile of its Lipper peer group for the one-, three- and five-year periods and ranked in the top two quartiles of its Lipper peer group for the 10-year period ended December 31, 2003. The fund, managed by Franklin Advisers, Inc., was also rated 4 stars overall by Morningstar as of December 31, 2003.^6,8
• Templeton Growth Fund and Templeton World Fund ranked in the top two quartiles of their Lipper peer group over the one-year period, and ranked in the top quartile over the three-, five- and 10-year periods ended December 31, 2003. The funds, managed by Templeton Global Advisors Limited, were also rated 4 stars overall by Morningstar as of December 31, 2003.^6,9
• All six Mutual Series open-end funds received Lipper Leaders awards for Total Return and Preservation as of December 31, 2003.¹⁰
• Over 97% of Franklin tax-free income mutual fund assets were in funds ranked in the top two quartiles of their respective Lipper peer groups for the one-, three-, five- and 10-year periods ended December 31, 2003.^3,11
• Franklin Federal Tax-Free Income Fund, managed by Franklin Advisers, Inc., ranked in the top two quartiles of its Lipper peer group for the one-, three-, five- and 10-year periods ended December 31, 2003. The fund was also rated 4 stars overall by Morningstar as of December 31, 2003.^6,12

Global Business Developments

• Franklin Resources appointed Martin Flanagan and Greg Johnson as co-CEOs effective January 1, 2004.
• Franklin Templeton’s assets under management in Italy, Hong Kong and India crossed the $1 billion, $2 billion and $3 billion marks, respectively.
• Since the acquisition in October 2000, Bissett assets under management have increased approximately 90% to more than $7 billion.
• Shares of Franklin Mutual Recovery Fund were made available for sale to retail investors.
• Templeton Growth (Euro) Fund and Franklin High Yield Fund, two foreign-sold Franklin Templeton Investment Funds (SICAV), each crossed the $3 billion mark in total assets under management.
• Morningstar Korea ranked Franklin Templeton as 2nd best equity manager and 3rd best fixed-income manager in Korea.
• New fund launches in Canada, Bissett Income Trust and Dividend Fund and Bissett Canadian Short Term Bond Fund, and two local fund-of-fund products in India, which invest in existing Franklin Templeton India funds.
• Launched Fiduciary International Small Cap Growth Strategy to U.S. institutional investors.
• Franklintempleton.com was recognized for the fourth consecutive year as a "Top 10 Intermediary Web Site" in an annual "Intermediary Web Site Trends and Best Practices" study by kasina, an internet consultant.
• Fiduciary Trust was awarded the Financial News Award for "Swiss Asset Management Firm of the Year," which was voted on by a panel of 40 pension and investment consultants from across Europe.
• Three new Franklin Templeton television commercials aired on major networks highlighting Franklin Templeton’s distinct brands.

Franklin Resources, Inc. Consolidated Income Statements
(Dollar amounts in thousands except assets under management and per share data)
	Three Months Ended December 31
	2003	2002	% Change
Operating revenues
Investment management fees	$454,508	$351,412	29%
Underwriting and distribution fees	272,752	185,937	47%
Shareholder servicing fees	61,338	48,051	28%
Consolidated sponsored investment products income, net	26	-	N/A
Other, net	17,545	20,051	(12%)
Total operating revenues	806,169	605,451	33%
Operating expenses
Underwriting and distribution	245,879	168,847	46%
Compensation and benefits	189,204	159,118	19%
Information systems, technology and occupancy	69,648	72,595	(4%)
Advertising and promotion	21,232	22,644	(6%)
Amortization of deferred sales commissions	22,448	16,045	40%
Amortization of intangible assets	4,402	4,234	4%
Other	30,496	22,513	35%
Total operating expenses	583,309	465,996	25%
Operating income	222,860	139,455	60%
Other income (expense)
Consolidated sponsored investment products gains, net	4,000	-	N/A
Investment and other income	16,191	12,303	32%
Interest expense	(7,111)	(3,032)	135%
Other income, net	13,080	9,271	41%
Income before taxes on income and cumulative effect of an accounting change	235,940	148,726	59%
Taxes on income	68,423	38,966	76%
Income before cumulative effect of an accounting change, net of tax	167,517	109,760	53%
Cumulative effect of an accounting change, net of tax	4,779	-	N/A
Net income	$172,296	$109,760	57%
Basic earnings per share
Income before cumulative effect of an accounting change	$0.68	$0.43	58%
Cumulative effect of an accounting change	$0.02	-	N/A
Net income	$0.70	$0.43	63%
Diluted earnings per share
Income before cumulative effect of an accounting change	$0.67	$0.43	56%
Cumulative effect of an accounting change	$0.02	-	N/A
Net income	$0.69	$0.43	60%
Dividends per share	$0.085	$0.075	13%
Average shares outstanding (in thousands)
Basic	247,758	257,600	(4)%
Diluted	250,234	258,218	(3)%
Franklin Resources, Inc.
Consolidated Income Statements
(Dollar amounts in thousands except assets under management and per share data)
	Three Months Ended December 31
	2003	2002	% Change
Operating margin1	28%	23%	-
Assets under management (in millions)
Beginning of period	$301,857	$247,760	22%
Sales	23,829	17,124	39%
Reinvested distributions	1,920	1,437	34%
Redemptions	(16,448)	(16,035)	3%
Distributions	(2,659)	(2,095)	27%
Acquisition	878	-	N/A
Appreciation	27,344	9,544	187%
End of period	$336,721	$257,735	31%
Simple monthly average for period	$318,739	$254,842	25%

1 Operating margin: Operating income divided by total operating revenues.

2 Operating margin: Operating income divided by total operating revenues.

New Accounting Standards

FIN 46

In January 2003, the Financial Accounting Standards Board issued Interpretation No. 46, "Consolidation of Variable Interest Entities" ("FIN 46"). Under FIN 46, a variable interest entity ("VIE") is defined as a corporation, trust, partnership or other entity where the equity investment holders have not contributed sufficient capital to finance the activities of the VIE or the equity investment holders do not have defined rights and obligations normally associated with an equity investment. FIN 46 requires consolidation of a VIE by the enterprise that has the majority of the risks and rewards of ownership, referred to as the primary beneficiary. The consolidation and disclosure provisions of FIN 46 are effective immediately for VIEs created after January 31, 2003. Effective July 1, 2003, six of our sponsored investment products created after January 31, 2003, were consolidated in our financial statements.

In December 2003, the FASB published FASB Interpretation No. 46, Consolidation of Variable Interest Entities (revised December 2003) (FIN46-R), clarifying FIN 46 and exempting certain entities from the provisions of FIN 46. Generally, application of FIN 46-R is required in financial statements of public entities that have interests in structures commonly referred to as special-purpose entities for periods ending after December 15, 2003, and, for other types of VIEs, for periods ending after March 15, 2004. We early adopted FIN 46-R as of December 31, 2003, and, as a result, we have recognized a cumulative effect of an accounting change, net of tax, as of this date to reflect the accumulated retained earnings of VIEs in which we became an interest holder prior to February 1, 2003.

The following tables present the effect on our consolidated results of operations and financial position of applying FIN 46-R. These tables present the effect of consolidating VIEs for which the Company is the primary beneficiary and are intended to provide transparency. These tables reflect the continuing activity of VIEs with inception dates after January 31, 2003, which were consolidated effective July 1, 2003, and they present the cumulative effect adjustment for sponsored investment products with an inception date prior to February 1, 2003. These products primarily include open-end funds registered in Canada and in other international locations. The cumulative effect adjustment, net of tax related to the sponsored investment products included in Table I is $8.0 million. The impact of consolidating these sponsored investment products on our balance sheet, included in the Table II presentation, is to increase current assets by $44.6 million, current liabilities by $9.7 million and minority interest by $34.9 million.

In addition to consolidating certain sponsored investment products, we qualified as the primary beneficiary of a lessor trust, a special purpose entity that financed the construction of our headquarters campus. The cumulative effect adjustment, net of tax, related to this trust is a charge of $3.2 million. The impact of consolidating the lessor trust in our balance sheet at December 31, 2003, is to increase property and equipment, net, by approximately $157.6 million, and debt by approximately $164.9 million. The debt matures on September 30, 2004, and will continue to be shown in our consolidated balance sheet as a current liability until it is refinanced or paid.

TABLE I
Consolidated Income Statement
(Dollar amounts in thousands except per share data)
	Three Months Ended December 31, 2003 Before FIN 46-R Adjustments	FIN 46-R Adjustments3	Consolidated Three Months Ended December 31, 2003
Operating revenues
Investment management fees	$454,646	($138)	$454,508
Underwriting and distribution fees	272,754	(2)	272,752
Shareholder servicing fees	61,352	(14)	61,338
Sponsored investment products income, net	-	26	26
Other, net	17,545	-	17,545
Total operating revenues	806,297	(128)	806,169
Operating expenses
Underwriting and distribution	245,879	-	245,879
Compensation and benefits	189,204	-	189,204
Information systems, technology and occupancy	69,648	-	69,648
Advertising and promotion	21,232	-	21,232
Amortization of deferred sales commissions	22,448	-	22,448
Amortization of intangible assets	4,402	-	4,402
September 11, 2001 recovery, net	-	-	-
Other	30,496	-	30,496
Total operating expenses	583,309	-	583,309
Operating income	222,988	(128)	222,860
Other income (expenses)
Sponsored investment product gains, net	-	4,000	4,000
Investment and other income	17,742	(1,551)	16,191
Interest expense	(7,111)	-	(7,111)
Other income, net	10,631	2,449	13,080
Income before taxes on income and cumulative effect of an accounting change	233,619	2,321	235,940
Taxes on income	67,750	673	68,423
Income before cumulative effect of an accounting change, net of tax	165,869	1,648	167,517
Cumulative effect of an accounting change, net of tax	-	4,779	4,779
Net income	$165,869	$6,427	$172,296
Basic earnings per share
Income before cumulative effect of an accounting change			$0.68
Cumulative effect of an accounting change			0.02
Net income			$0.70
Diluted earnings per share
Income before cumulative effect of an accounting change			$0.67
Cumulative effect of an accounting change			0.02
Net income			$0.69
Average shares outstanding (in thousands)
Basic			247,758
Diluted			250,234

3 Adjustments to consolidate variable interest entities and related elimination adjustments.

TABLE II Consolidated Balance Sheet
(Dollar amounts in thousands)
	Preliminary December 31, 2003 Before FIN 46-R Adjustments	FIN 46-R Adjustments4	Preliminary Consolidated December 31, 2003
Assets
Current assets	$3,257,467	$54,403	$3,311,870
Banking/ finance assets	851,379	-	851,379
Non-current assets	3,096,548	157,605	3,254,153
Total assets	$7,205,394	$212,008	$7,417,402
Liabilities and stockholders' equity
Current liabilities	$471,333	$178,513	$649,846
Banking/ finance liabilities	728,487	-	728,487
Non-current liabilities and minority interest	1,403,756	36,684	1,440,440
Total liabilities	2,603,576	215,197	2,818,773
Total stockholders' equity	4,601,818	(3,189)	4,598,629
Total liabilities and stockholders' equity	$7,205,394	$212,008	$7,417,402

4 Adjustments to consolidate variable interest entities and related elimination adjustments.

Note: Institutional assets totaling approximately $24.4 billion are invested in U.S. retail fund and annuity products and are disclosed in U.S. retail assets in the above table. Total institutional and high net-worth assets at December 31, 2003, were approximately $113.2 billion, of which high net-worth assets comprised $10.8 billion.

Conference Call Information

On Thursday, January 22, 2004, Franklin Resources, Inc., [NYSE:BEN] will release its first fiscal quarter 2004 financial results. Martin Flanagan and Greg Johnson, co-CEOs of Franklin Resources, Inc., will lead a live conference call at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss the quarterly results and answer analysts’ questions.

Access to the teleconference will be available via franklintempleton.com 10 minutes before the start of the call or by dialing (877) 574-4065 in the U.S. or (706) 679-3804 internationally.

A replay of the call will be archived on franklintempleton.com through January 29, 2004. The replay can also be accessed by calling (800) 642-1687 in the U.S. or (706) 645-9291 internationally using access code #4951519, after 5:30 p.m. Eastern Time on January 22, 2004, through 5:30 p.m. Eastern Time on January 29, 2004.

Questions regarding the teleconference call should be directed to Franklin Resources, Inc., Investor Relations at (650) 525-8900 or Corporate Communications at (650) 312-3395.

Franklin Resources, Inc. is a global investment organization operating as Franklin Templeton Investments. Franklin Templeton provides global and domestic investment management services through its Franklin, Templeton, Mutual Series and Fiduciary Trust subsidiaries. The San Mateo, CA-based company has over 50 years of investment experience and more than $336 billion in assets under management as of December 31, 2003. For more information, please call 1-800/DIAL BEN^® or visit franklintempleton.com.

Supplemental Information

1. Nothing in this section shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. For more information on any U.S. Franklin Templeton fund, investors should request a prospectus containing more complete information, including sales charges, expenses and risks, from securities dealers or by calling Franklin Templeton Distributors, Inc. at 1-800/DIAL BEN® (1-800/342-5236). Investors should read the prospectus carefully before investing or sending money. Franklin Templeton Distributors, Inc., One Franklin Parkway, San Mateo, CA, is the funds' principal distributor and a wholly owned subsidiary of Franklin Resources, Inc.
2. Past performance does not guarantee future results. Morningstar ratings are based on Class A shares. Lipper rankings are based on Class A shares, with the exception of those for Mutual Series, which are based on Class Z shares, which are offered to qualified investors only and have no sales charges nor Rule 12b-1 fees. All asset data is based on 11/30/03 figures unless noted otherwise. Unless otherwise noted, fund returns quoted reflect Class A shares. Performance returns, ratings and rankings for other classes may vary. Investment return and principal value will fluctuate with market conditions and an investor may experience a gain or loss when they sell their shares.
3. Lipper calculates averages by taking all the funds in a peer group and averaging their total returns for the periods indicated. Lipper tracks 129 peer groups of long-term U.S. retail mutual funds, and the groups vary in size from 4 to 1098. Lipper total return calculations include reinvested dividends and capital gains, but do not include sales charges or expense subsidization by the manager. Results may have been different if these or other factors had been considered.
4. Source: Lipper® Inc., 12/31/03. Of the eligible Franklin Templeton long-term mutual funds tracked by Lipper, 34, 44, 44 and 30 funds ranked in the top quartile and 25, 29, 25 and 20 funds ranked in the second quartile, for the one-, three-, five- and 10-year periods, respectively, for their respective Lipper peer groups.
5. Source: Lipper® Inc., 12/31/03. Of the eligible Franklin equity funds tracked by Lipper, 6, 9, 12 and 2 funds ranked in the top quartile and 9, 8, 6 and 6 funds ranked in the second quartile, for the one-, three-, five- and 10-year periods, respectively, for their respective Lipper peer groups.
6. Source: Morningstar© 12/31/03. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. Past performance does not guarantee future results. Morningstar Rating is for the A share class only; other classes may have different performance characteristics. The following fund was rated against 613; 396; 126 Mid-Cap Growth funds for the respective 3-, 5- and 10-year periods ended 12/31/03, as applicable. For the 3-, 5- and 10-year periods ended 12/31/03, the Morningstar ratings were: Franklin Flex Cap Growth Fund 3, 3, 5. The following fund was rated against 177; 140; 35 Conservative Allocation funds for the respective 3-, 5- and 10-year periods ended 12/31/03, as applicable. For the 3-, 5- and 10-year periods ended 12/31/03, the Morningstar ratings were: Franklin Income Fund 5, 5, 3. The following funds were rated against 268; 211; 59 World Stock funds for the respective 3-, 5- and 10-year periods ended 12/31/03, as applicable. For the 3-, 5- and 10-year periods ended 12/31/03, the Morningstar ratings were: Templeton Growth Fund 4, 4, 4 and Templeton World Fund 4, 4, 4. The following fund was rated against 237, 215, 120 Municipal National Long funds for the respective 3-, 5- and 10-year periods ended 12/31/03, as applicable. For the 3-, 5- and 10-year periods ended 12/31/03, the Morningstar ratings were: Franklin Federal Tax-Free Income Fund 3, 3, 4.
7. Source: Lipper® Inc., 12/31/03. Franklin Flex Cap Growth Fund Class A ranked 78 in a universe of 384 funds in Lipper's "Multi-Cap Growth Funds" group for the one-year period, 92 of 300 for the three-year period, 11 of 158 for the five-year period and 3 of 63 for the 10-year period. Franklin Flex Cap Growth Fund has experienced negative fund performance.
8. Source: Lipper® Inc., 12/31/03. Franklin Income Fund Class A ranked 8 in a universe of 154 funds in Lipper's "Income Funds" group for the one-year period, 3 of 95 for the three-year period, 2 of 74 for the five-year period and 7 of 19 for the 10-year period.
9. Source: Lipper® Inc., 12/31/03. Templeton Growth Fund Class A ranked 150 in a universe of 332 funds in Lipper's "Global Funds" group for the one-year period, 16 of 244 for the three-year period, 15 of 179 for the five-year period and 7 of 44 for the 10-year period. Templeton World Fund Class A ranked 142 in a universe of 332 funds in Lipper's "Global Funds" group for the one-year period, 26 of 244 for the three-year period, 39 of 179 for the five-year period and 11 of 44 for the 10-year period.
10. Source: Lipper® Inc., 12/31/03. Lipper Leaders Awards are based on Class A shares only. Lipper scores for Total Return reflect funds’ historical total return performance relative to peers. Lipper scores for Preservation reflect funds’ historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed-income funds. The Lipper ratings are subject to change every month and are based on an equal-weighted average of percentile rankings for the Total Return and Preservation metrics over 3-, 5- and 10-year periods (if applicable). 20% of funds in each peer group are named Lipper Leaders, the next 20% receive a score of 2, the middle 20% are scored 3, the next 20% are scored 4, and the lowest 20% are scored 5. The following Mutual Series open-end funds were awarded Lipper Leader status in Total Return: Mutual Shares Fund, Mutual Beacon Fund and Mutual Qualified Fund rated among 313 Multi-Cap Value funds; Mutual Discovery Fund rated among 38 Global Small-Cap funds; Mutual European Fund rated among 119 European Region funds; and Mutual Financial Services Fund rated among 92 Financial Services funds. The following Mutual Series open-end funds were awarded Lipper Leader status in Preservation: Mutual Shares, Mutual Beacon, Mutual Qualified, Mutual Discovery, Mutual European and Mutual Financial Services Funds rated among 6,996 Equity funds. Under no circumstances does information about Lipper Leaders constitute a recommendation to buy or sell funds, nor does it necessarily imply that a fund named as a Lipper Leader had the best performance within its category. Lipper Leaders ratings are based on past fund performance, and past performance does not guarantee future results. Lipper Leaders are determined monthly using data available at the time of calculation; Lipper undertakes no responsibility for updating the calculations more frequently than monthly to incorporate more current data.
11. Source: Lipper® Inc., 12/31/03. Of the eligible Franklin Templeton non-money market tax-free funds tracked by Lipper, 21, 15, 17 and 19 funds ranked in the top quartile and 9, 18, 13 and 10 funds ranked in the second quartile, for the one-, three-, five- and 10-year periods, respectively, for their respective Lipper peer groups.
12. Source: Lipper® Inc., 12/31/03. Franklin Federal Tax-Free Income Fund Class A ranked 36 in a universe of 296 funds in Lipper's "General Municipal Debt Funds" group for the one-year period, 100 of 257 for the three-year period, 69 of 219 for the five-year period and 29 of 116 for the 10-year period.

Forward-Looking Statements

Statements in this press release regarding Franklin Resources, Inc.’s business, which are not historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks, uncertainties and other important factors, some of which are listed below, that could cause the actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. These and other risks, uncertainties and other important factors are described in more detail in Franklin’s recent filings with the U.S. Securities and Exchange Commission, including, without limitation, the "Risk Factors" section of the Management’s Discussion and Analysis of Financial Condition and Results of Operations in Franklin’s Annual Report on Form 10-K for the fiscal year ended September 30, 2003.

• Volatility in the equity markets may cause the levels of our assets under management, which in turn impacts revenue, to fluctuate significantly.
• Weak market conditions may lower our assets under management and reduce our revenues and income.
• We face strong competition from numerous and sometimes larger companies.
• Changes in the distribution channels on which we depend could reduce our revenues or hinder our growth.
• We face risks associated with conducting operations in numerous foreign countries.
• Certain of the portfolios we manage, including our emerging market portfolios and related revenues, are vulnerable to market-specific political and economic risks.
• Our ability to meet cash needs depends upon certain factors, including our asset value, credit worthiness and the market value of our stock.
• Technology and operating risks and limitations could constrain our operations.
• Governmental investigations and regulatory or legislative actions and reforms, particularly those specifically focused on the mutual fund industry, could adversely impact our assets under management and revenues, increase costs or otherwise negatively impact the profitability of the company and future financial results.

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