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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.
Lexington Partners announced a strategy and team to lead single-asset continuation vehicle (CV) transactions. Christophe Browne joins as a Partner to spearhead this initiative. Lexington, with over 30 years of experience in secondary private equity and co-investment funds, aims to capitalize on the growing CV market. Browne, a leader in the CV market from his time at Intermediate Capital Group, will be based in Lexington’s new Miami office. The dedicated team includes experienced Lexington professionals. To date, Lexington has invested approximately $6 billion in CV transactions. Recent CV transactions include Belron ($4 billion), Apex Service Partners ($3.4 billion), and Precisely ($1.6 billion).
Martin Currie, an active equity specialist managing £20.1 billion as of March 31, 2024, released its annual report on stewardship, sustainability, and impact initiatives. Key highlights include 647 engagements with companies, voting at 530 shareholder meetings, and top ratings from the Principles of Responsible Investment. In June 2023, Martin Currie launched the 'Improving Society' strategy, focusing on social impact investing. The firm increased its net zero asset commitment to 18.1% and aims for 100% by 2050. Diversity efforts have improved gender representation from 15% to 29% since 2021, and Jennifer Mair was appointed the first female CEO in October 2023.
Franklin Templeton Fund Adviser announced distributions for certain closed-end funds for June, July, and August 2024. Key funds include Western Asset Inflation-Linked Income Fund (WIA) and Western Asset Inflation-Linked Opportunities & Income Fund (WIW), with distributions per share set at $0.05000 and $0.06050 respectively. The distribution dates are set for 6/28/2024, 7/31/2024, and 8/30/2024. The managed distribution policy aims to maintain consistent distribution levels derived from income and capital gains. If necessary, long-term capital gains and return of capital will be used. The Board of Trustees may modify or suspend the policy, which could affect market prices. Sources of distributions are estimated and subject to change based on tax regulations.
Franklin Resources announced a quarterly cash dividend of $0.31 per share, payable on July 12, 2024, to stockholders of record as of June 28, 2024. This dividend is consistent with the previous quarter's dividend and marks a 3.3% increase compared to the same quarter last year. The company's dividend policy aims to provide consistent returns to shareholders, reflecting its stable financial performance.
Meta shareholders, led by Lisette Cooper, PhD, from Fiduciary Trust International and Proxy Impact, have filed a resolution for Meta's annual meeting on May 29, 2024. The proposal urges Meta's Board to set targets within a year to mitigate child safety risks on its platforms and to publish an annual report on progress. Supported by Institutional Shareholder Services (ISS) and Glass Lewis, the resolution aims to address dangers such as cyberbullying, grooming, and exposure to harmful content. Cooper highlights the long-term benefits for investor security, emphasizing Meta's responsibility amid rising legal and regulatory pressures globally.
Franklin Resources, Inc. reported a decrease in month-end assets under management (AUM) to $1.60 trillion at April 30, 2024, compared to $1.64 trillion at March 31, 2024. The decline was due to negative markets and net outflows, including funds from Great-West Lifeco.
Benefit Street Partners L.L.C announced the final close of BSP Special Situations Fund II with approximately $850 million in capital commitments. The fund focuses on providing bespoke financing solutions to borrowers leveraging its experience in stressed and distressed situations. BSP's special situations team has deployed over $3 billion since inception, aiming for attractive risk-adjusted returns. Fund II has already deployed 40% of its capital with an early strong net IRR of 25%.
Western Asset Inflation-Linked Opportunities & Income Fund announces changes in its portfolio management team, effective May 1, 2024. John Bellows is no longer a portfolio manager, while a new team comprising Michael Buchanan, Ken Leech, Chia-Liang Lian, and Frederick Marki takes over. The Fund's share prices fluctuate with market conditions and may trade at a discount to their net asset value, posing risks for investors.
Fiduciary Trust International, a global wealth manager and subsidiary of Franklin Templeton, welcomes Edward J. Mooney as managing director and financial planning director. Mooney's industry experience will enhance the firm's financial planning solutions, setting new industry standards and elevating client experience. His expertise in investments, wealth succession, estate and tax planning, and charitable structures will benefit high-net-worth individuals and families.
ClearBridge Investments, with $188B in assets under management, released its seventh annual Stewardship Report, focusing on ESG factors in its investment process for over 35 years. The report highlights top scores in PRI assessment, updates to its ESG policy, proxy voting activities, net zero alignment, diverse and inclusive culture, and contributions to U.N. SDGs.
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