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Franklin Resources, Inc. (NYSE: BEN), commonly known as Franklin Templeton, is a prominent global investment management organization. With more than 75 years of expertise, Franklin Templeton delivers a suite of investment services aimed at both individual and institutional investors. As of April 2024, the company oversees $1.602 trillion in managed assets, comprising 35% equity, 35% fixed-income, 10% multi-asset/balanced funds, 16% alternatives, and 4% money market funds.
Franklin Templeton is renowned for its diverse portfolio and global reach, with more than a third of its assets under management (AUM) invested in international strategies. Furthermore, approximately 30% of managed assets are sourced from clients outside the United States. The company's client base is balanced between retail investors at 52% and institutional accounts at 46%, with high-net-worth individuals accounting for the remainder.
Recently, the company's subsidiary, ClearBridge Investments, released its seventh annual Stewardship Report, highlighting its commitment to environmental, social, and governance (ESG) factors. With $188 billion in assets under management, ClearBridge actively integrates ESG considerations into its investment process, promoting sustainable practices and responsible investing. In 2023, ClearBridge earned top scores in the U.N.-supported Principles for Responsible Investment (PRI) reporting assessment and joined the Interfaith Center on Corporate Responsibility's Living Wage Statement, advocating for fair wages in line with international human rights standards.
Franklin Templeton's dedication to ESG is further exemplified through ClearBridge's active ownership and engagement strategies. In 2023, ClearBridge voted on over 15,000 shareholder proposals and engaged with more than 1,000 companies to drive positive change. The firm's commitment to diversity and inclusion is also noteworthy, with strong representation of women and people of color among its staff and investment teams.
Franklin Templeton continues to advance the U.N. Sustainable Development Goals (SDGs) through various philanthropic efforts. ClearBridge's partnership with WaterAid since 2013 has improved clean water accessibility in Timor-Leste, directly supporting SDG 6: Clean Water and Sanitation.
With a mission to help clients achieve better outcomes through specialized investment management and wealth management solutions, Franklin Templeton operates with a global presence in over 150 countries. The company leverages its extensive capabilities in fixed income, equity, alternatives, and multi-asset solutions to serve a diverse clientele, bolstered by a team of over 1,500 investment professionals stationed in major financial markets worldwide.
Franklin Resources, Inc. (NYSE:BEN) announced a quarterly cash dividend of $0.30 per share, payable on April 14, 2023, to shareholders on record as of March 31, 2023. This dividend, maintaining the same amount as the previous quarter, reflects a 3.4% increase over the same quarter last year. The company, headquartered in California, manages approximately $1.4 trillion in assets, serving clients in over 155 countries. It focuses on investment management and wealth management through its subsidiaries, notably Franklin Templeton.
Franklin Templeton’s Voice of the American Worker Study reveals that 66% of American workers are negatively impacted by the current economic climate, with financial stress rising from 35% to 42% year-over-year. Nearly 30% report sleep issues due to stress, while 25% experience strained relationships. The study indicates a shift as The Great Resignation turns into The Great Return, with 66% of workers preferring to stay with their current employers. Additionally, 81% aim for financial independence, and 61% believe their retirement plans are jeopardized, pushing the planned retirement age from 62 to 65. Personalized employer support is increasingly requested by 82% of workers.
Franklin Resources reported a net income of $165.6 million, or $0.32 per diluted share, for Q1 2023, reflecting declines of 29% and 64% from the previous quarter and year, respectively. Operating income also decreased to $194 million, a 44% drop from the prior quarter and 65% from the previous year. Total assets under management (AUM) rose 7% to $1,387.7 billion due to $48.8 billion in net market change and a $34.9 billion acquisition of Alcentra. However, long-term net outflows stood at $10.9 billion. The company achieved adjusted net income of $262.4 million, a 33% decline from Q4 2022. Management highlights diversification efforts and positive trends in cash management strategies amidst a challenging market.
Salt Financial has partnered with Franklin Templeton to create systematic strategies for the Fixed Index Annuity (FIA) market. This collaboration utilizes Salt's patent-pending truVol® Risk Control Engine and Franklin Templeton's extensive portfolio management experience, aimed at enhancing targeting accuracy and improving participation rates in annuity products.
Both firms aim to offer insurance companies innovative index solutions that integrate traditional asset management with advanced volatility control technology.
Franklin Templeton plans to convert its Franklin Focused Growth mutual fund into an exchange-traded fund (ETF) for U.S. investors, subject to shareholder approval. The conversion is expected to be effective in Q4 2023. This will mark the firm's third mutual fund-to-ETF conversion. The Franklin Focused Growth ETF will maintain similar management and investment strategies but will operate as a non-diversified fund. The reorganization was approved by the mutual fund's board in December 2022, with a shareholder approval meeting set for June 30, 2023. If approved, this will be Franklin Templeton's 60th ETF in the U.S., joining its 59 existing ETFs with approximately $10 billion in assets under management.
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