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.
Fiduciary Trust International, a subsidiary of Franklin Templeton, has welcomed Taylor Custis as trust counsel and senior relationship manager based in Atlanta, GA. With nearly 20 years of experience, Custis specializes in wealth planning for ultra-high-net-worth families. Her previous role was at Wells Fargo’s Abbot Downing, where she served as a senior wealth strategist. The firm manages over $99 billion in assets and emphasizes strategic wealth planning and estate services to meet evolving client needs.
Franklin Limited Duration Income Trust (FTF) announced a monthly distribution of $0.0776 per common share, payable on September 15, 2021, for shareholders of record on August 31, 2021. The Fund's managed distribution plan aims for a minimum annual distribution rate of 10% based on average monthly net asset value (NAV). Distributions may include capital gains or return of capital if sufficient investment income is not available. The Fund's Board can amend or terminate this plan without prior notice, which may affect market prices.
Franklin Universal Trust [NYSE: FT] has announced a distribution of $0.0425 per share, payable on September 15, 2021, to shareholders recorded by August 31, 2021. The ex-dividend date is August 30, 2021. The fund's distributions may vary based on its net investment income, and past distributions do not guarantee future trends. The announcement also highlights the inherent risks in investments, including potential loss of principal and sensitivity to interest rate changes.
Templeton Dragon Fund, Inc. (NYSE: TDF) has announced a total distribution of $2.4022 per share, which comprises $0.9258 from short-term capital gains and $1.4764 from long-term capital gains. Shareholders of record will receive this distribution on September 20, 2021, with an ex-dividend date of September 2, 2021.
Franklin Resources, Inc. (NYSE: BEN), the parent company of Templeton Dragon Fund, operates globally with over $1.5 trillion in assets under management and aims to enhance client outcomes through diverse investment management solutions.
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.