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Franklin Resources' board declares special dividend

Franklin Resources Inc.'s board has declared a special cash dividend of $3.00 per share.

The special dividend is on top of the company's expected regular quarterly cash dividend of 23 cents per share.

Both dividends will be payable April 12 to shareholders on record as of the close of business March 29. The company said its increased capital flexibility was driven by the recently overhauled U.S. tax code.