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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.
Western Asset Inflation-Linked Opportunities & Income Fund (NYSE: WIW) has announced its distribution sources for July 31, 2024, and fiscal year 2024 to date. The Fund's July monthly distribution of $0.0605 per share is entirely sourced from net investment income. For the fiscal year-to-date, the cumulative distribution of $0.4235 per share is also 100% from net investment income.
The Fund's performance metrics as of June 30, 2024, include an average annual total return of 1.23% over 5 years, an annualized distribution rate of 7.38%, and a cumulative total return of 3.49% for the fiscal period. WIW operates under a managed distribution policy, aiming to deliver long-term total return potential through regular monthly distributions.
Pacific Life and Franklin Templeton have announced a strategic partnership to deliver a defined contribution lifetime income solution for retirement plans. This collaboration combines Pacific Life's Income Horizon™ with Franklin Templeton's Goals Optimization Engine (GOE®) to offer a personalized income approach within Collective Investment Trusts (CITs).
The solution allows plan participants to convert part of their retirement savings into a guaranteed income stream for life within their existing plan. It addresses key concerns highlighted in recent studies, including the preference for incremental lifetime income purchases over time. The framework integrates participant data and machine learning to provide personalized recommendations, offering advantages such as competitive pricing, fiduciary oversight, and portability.
Franklin Templeton has successfully diverted 100% of its no-longer-needed office furniture from landfills during recent office upgrades in San Mateo, Rancho Cordova, and Stamford. This initiative was made possible through a partnership with Green Standards, a non-profit focused on furniture reuse. The company's approach involved repurposing, recycling, and reselling furniture items.
Key highlights:
- 100% of unused furniture was diverted from landfills
- Metal furniture is recycled into new materials
- Wood furniture is recycled for agricultural use or alternative city ground cover
- In Stamford, 86% of furniture was reused or recycled, 12% resold, and 2% donated
This effort aligns with Franklin Templeton's commitment to sustainability and reducing its environmental footprint. The company plans to continue these practices in future global projects.
Franklin Resources, Inc. (NYSE: BEN) reported its Q3 2024 financial results. Net income was $174.0 million or $0.32 per diluted share, compared to $124.2 million or $0.23 per share in Q2 2024. Operating income increased to $222.5 million from $129.3 million in Q2. Adjusted net income was $326.4 million and adjusted diluted EPS was $0.60, up from $306.6 million and $0.56 in Q2. Total AUM reached $1,646.6 billion, up slightly from $1,644.7 billion in Q2. The company saw positive net flows in multi-asset and alternative strategies, as well as strong inflows in retail SMAs, Canvas®, and ETFs. ETFs generated over $3 billion in net inflows. The non-U.S. business had its fifth consecutive quarter of positive net flows.
Fiduciary Trust International, a subsidiary of Franklin Templeton (BEN), has expanded its New York office with the addition of two experienced portfolio managers: Debjani Bagchi, CFA, and Peter E. McEvoy, CFP®. Bagchi brings nearly 30 years of investment management experience, having previously managed multi-asset portfolios exceeding $2 billion at Deutsche Bank. McEvoy joins with almost 40 years of experience, most recently from Deutsche Bank International Private Bank.
This expansion aims to enhance Fiduciary Trust's expertise in the Northeast region, focusing on personalized wealth management and holistic portfolio construction for ultra-high-net-worth clients. The new hires are expected to leverage the firm's comprehensive investment platform and sophisticated portfolio construction capabilities to provide tailored services and foster lasting client relationships.
Franklin Templeton has launched the Franklin Ethereum ETF (EZET) on the Cboe BZX Exchange, offering U.S. investors exposure to ether within a regulated ETF structure. EZET is priced at 0.19%, with fees fully waived to 0.00% until January 31, 2025, for the first $10 billion in fund assets. This spot ether ETF aims to reflect the performance of ether's price, less operational expenses.
The launch follows the success of Franklin Templeton's spot bitcoin ETF (EZBC) in January. The firm has been active in the digital asset space since 2018, developing blockchain-based solutions and investment strategies. Franklin Templeton's U.S. ETF platform, established in 2016, now offers over 100 ETFs globally with combined AUM exceeding $20 billion as of June 30, 2024.
Franklin Templeton (NYSE:BEN) has chosen Aladdin by BlackRock to unify its investment management technology platform across public market asset classes. This comprehensive solution will support the entire investment process, simplify operations, and reduce long-term capital expenses. Aladdin's features will enable Franklin Templeton to meet the diverse needs of its specialist investment managers and support growth initiatives.
The technology will provide an investment book of record on a single platform, enhancing the investment lifecycle while preserving autonomous investment processes. The transition, beginning in fiscal 2025, will be phased over multiple years and is expected to be seamless for clients.
Jackie VanderBrug, Head of Sustainability Strategy at Putnam Investments, a Franklin Templeton company, has been named one of three recipients of the 2024 Joan Bavaria Award. The award recognizes influential work in developing gender lens investing. VanderBrug, along with Joy Anderson and the late Suzanne Biegel, was honored for catalyzing positive change in capital markets. The award presentation took place in Chicago during US SIF's Forum 2024.
VanderBrug leads Putnam's ESG-focused business functions, including stewardship, engagement, partnerships, and ESG strategy and integration. She co-authored the book 'Gender Lens Investing: Uncovering Opportunities for Growth, Returns, and Impact' in 2015. The award judges included leaders from Ceres, US SIF, and Trillium Asset Management, organizations founded or co-founded by Joan Bavaria.
Charles M. Royce, founder of Royce Investment Partners, will transition to a Senior Advisor role on September 30, 2024, after 51 years with the firm. This move is part of a strategic succession plan implemented over the past decade. CEO Chris Clark emphasized the plan's focus on adding investment talent, establishing multigenerational teams, and ensuring consistency in applying investment disciplines.
The firm has expanded its investment team, adding 15 professionals in the last five years. Mr. Royce will step down from his portfolio management responsibilities on several funds, including Royce Small-Cap Fund, Royce Premier Fund, and Royce Dividend Value Fund. Experienced portfolio managers will take over these responsibilities, maintaining continuity in the firm's small-cap investment focus.
Franklin Resources [NYSE: BEN] will announce its third-quarter results on July 26, 2024, at 8:30 a.m. ET. The company will provide a written commentary on the results via its investor relations website at the same time. A live teleconference hosted by key executives, including CEO Jenny Johnson, will follow at 11:00 a.m. ET to address investor and analyst questions. The teleconference can be accessed through the company's website or by dialing specific numbers provided for North America and other locations. A replay will be available until August 2, 2024. Investors are recommended to review recent SEC filings and contact Investor Relations for any additional questions.
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