Welcome to our dedicated page for Franklin Resources news (Ticker: BEN), a resource for investors and traders seeking the latest updates and insights on Franklin Resources stock.
Franklin Resources, Inc. reports developments for Franklin Templeton, a global investment manager serving individual, institutional and wealth clients across public and private markets. News commonly covers assets under management, net flows, earnings, operating results and asset-class activity across equity, fixed income, alternatives, multi-asset and cash management strategies.
Company updates also include product and platform initiatives such as model portfolios, separately managed account-style solutions and private-market access, as well as developments at subsidiaries including Western Asset Management and Fiduciary Trust International. Other recurring themes include global distribution, wealth management expansion, client group leadership and capital actions tied to the company’s NYSE-listed common stock.
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.
Franklin Resources, also known as Franklin Templeton (NYSE: BEN), reported its preliminary month-end assets under management (AUM) for June 30, 2024, at $1.65 trillion. This marks a slight increase from $1.64 trillion on May 31, 2024. The uplift is attributed to positive market impacts and stable long-term net inflows. Over the quarter ending June 30, 2024, the AUM benefited from positive market effects but faced a net outflow of $3.2 billion, which included $5.9 billion of inflows from Great-West Lifeco in April. Detailed AUM by asset class for June 30, 2024, includes $595 billion in equities, $564.5 billion in fixed income, $254.5 billion in alternatives, and $168.1 billion in multi-asset investments. Cash management AUM stood at $64.5 billion.
Fiduciary Trust International announced that Freda Lam Zietlow, CFA, has been recognized as one of the '100 Most Influential Women of 2024' by the Silicon Valley Business Journal. Freda Zietlow, who serves as managing director and senior portfolio manager at Fiduciary Trust, a subsidiary of Franklin Templeton, was honored for her significant contributions to the wealth management industry and her community engagement. This nomination highlights her leadership and influence within Silicon Valley.