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’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.
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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.
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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.
Franklin Templeton employees showcased their generosity during the holiday season through various charitable initiatives across the globe. Notable activities included volunteering at the Salvation Army's Angel Tree Program and supporting the Edinburgh Children's Hospital Charity. Employees in New York and Poznan contributed gifts and care packages to families in need. The company also sponsored 200 wreaths for veterans at Arlington National Cemetery. Franklin Templeton has over 75 years of investment experience and manages approximately $1.4 trillion in assets.