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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.
The Franklin Limited Duration Income Trust (FTF) has announced a dividend of $0.0780 per common share, payable on August 13, 2021, to shareholders of record as of July 30, 2021. Of this dividend, $0.0417 is from net investment income and $0.0363 represents a return of principal. The Fund operates a managed distribution plan ensuring monthly distributions at a 10% annual fixed rate based on average monthly net asset value (NAV), but the plan's effectiveness is not guaranteed. Changes to this plan may impact the market price of shares.
Franklin Templeton has appointed Mike Foley as the new Head of US Institutional Services, effective September 7. Foley will lead the firm’s US institutional distribution, overseeing direct sales and consultant relations. His extensive experience includes leadership roles at Guggenheim Investments and BlackRock. This appointment aims to capitalize on growth opportunities following the Legg Mason acquisition. The firm will focus on acquiring new business, retaining client assets, and enhancing product development to serve institutional clients better.
Franklin Resources reported preliminary assets under management (AUM) of $1,557.3 billion as of July 31, 2021, up from $1,552.1 billion at June 30, 2021. This increase was driven by market performance and the acquisition of Diamond Hill's $3.4 billion credit mutual funds, despite long-term net outflows totaling $5.4 billion due to a previously disclosed 529 plan redemption and $440 million from liquidating India credit funds. Fixed income AUM rose to $661.4 billion, while equity AUM declined slightly to $536.5 billion.
Fiduciary Trust International has appointed David Oh as trust counsel for Northern California, based in San Mateo. Oh, recognized for his expertise in estate planning and taxation law, previously served as a director at Charles Schwab. The firm aims to enhance its regional team amidst evolving market conditions, focusing on personalized tax and estate planning strategies for clients. Fiduciary Trust, a subsidiary of Franklin Templeton, oversees over $94 billion in assets and has a long history in the wealth management sector since 1931.
Franklin Resources, Inc. (NYSE: BEN) announced a public offering of $350 million 2.950% Notes due 2051 at an issue price of 99.368%, along with $100 million 1.600% Notes due 2030 at 97.751%. The closing is expected on August 12, 2021. Proceeds will primarily be used for general corporate purposes, including repayment of existing debts. This offering follows an effective registration statement filed on October 6, 2020.
Fiduciary Trust International has appointed Paul Cummings as the new head of family office services, foundations, and endowments, a role aimed at enhancing the firm's comprehensive offerings for high-net-worth clients. Cummings brings extensive experience from Abbot Downing and Merrill Lynch, focusing on investment strategy and governance. The firm's president emphasizes the importance of evolving client needs, while CEO John Dowd asserts their commitment to optimizing financial outcomes post-pandemic. Fiduciary Trust has $99 billion in assets under management as of June 30, 2021.
Franklin Resources, Inc. (NYSE: BEN) reported net income of $438.4 million ($0.86 per diluted share) for the quarter ended June 30, 2021, a 15% increase from the previous quarter. Operating income rose to $478.1 million, up 5% quarter-over-quarter. Adjusted net income reached $493.7 million, with adjusted diluted earnings per share at $0.96. Despite long-term net outflows of $6.6 billion, total assets under management (AUM) grew to $1.552 trillion, boosted by a $62 billion net market change. The company continues to invest in business growth following the acquisition of Legg Mason.
Templeton Global Income Fund (NYSE: GIM) has declared a monthly distribution of $0.0369 per share from net investment income, payable on August 31, 2021. Shareholders on record by August 16 will receive this payment, with an Ex-Dividend Date set for August 13. The Fund operates under a managed distribution plan ensuring a 7.5% annual minimum distribution based on the average monthly net asset value (NAV). Distributions may include long-term capital gains or return of capital if necessary, and these figures might not reflect the Fund’s actual investment performance.
Templeton Emerging Markets Income Fund (TEI) announced a monthly distribution of $0.0716 per share, payable on August 31, 2021, to shareholders of record on August 16, 2021. The Fund's Board authorized an increase in its managed distribution plan from an 8.5% to a 10% annual minimum fixed rate, based on the average monthly net asset value (NAV). While this plan aims to provide shareholders with stable monthly distributions, it may include long-term capital gains or return of capital if net ordinary income is insufficient. Investors should be cautious, as distributions may not reflect actual investment performance.
AdvisorEngine has appointed Raj Madan as Chief Information Officer to spearhead technological advancements in wealth management. Madan, with over 20 years of experience, notably at BNY Mellon, will lead all technology functions, aligning with AdvisorEngine's growth strategy. His expertise is expected to enhance product development and strengthen partnerships within the fintech sector. The company emphasizes its commitment to an integrated technology platform designed for financial advisors and their clients, targeting innovative solutions in the wealth management lifecycle.
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