Franklin Resources

Franklin Templeton Investment
Public company
Traded as S&P 500 Component
Industry Financial Services
Founded New York, New York (1947)
Headquarters San Mateo, CA
Key people Charles B. Johnson, Chairman, Greg Johnson (CEO)
Rupert Johnson, Jr., Vice Chairman
Products Mutual funds,
Retirement Planning
Revenue Increase$7.14 Billion USD (2011)
Net income Increase$1.92 Billion USD (2011)
Employees 8,453 (2011)
Website franklintempleton.com


Franklin Resources Inc. is an American holding company that, together with its subsidiaries, is referred to as Franklin Templeton Investments; it is a global investment firm originally founded in New York in 1947 as Franklin Distributors, Inc. It is listed on the NYSE under the ticker BEN, in honor of Benjamin Franklin, who was admired by founder Rupert Johnson, Sr. In 1973 the company's headquarters moved from New York to San Mateo, California. Today, Franklin Templeton Investments is one of the world's largest asset management groups with over US$815 billion in assets under management (AUM) on behalf of over 25 million private, professional and institutional investors, as at June 2013.

History

In October 1992, Franklin acquired Templeton, Galbraith & Hansberger Ltd. for a reported cost of $913 million, leading to the common name Franklin Templeton. Mutual fund pioneer Sir John Templeton was the owner of Templeton, Galbraith & Hansberger Ltd together with his son Dr. John Templeton and John Galbraith who together owned 70% of the firm.[1]

In November 1996, Heine Securities Corporation, known for the Mutual Series of funds, merged into the Franklin Templeton complex. In October 2000, Franklin acquired Bissett Funds to increase its Canadian presence, and Bissett remains a key brand from Franklin in the Canadian market. The Fiduciary Trust Company was acquired by Franklin Templeton in April 2001.

Fiduciary Trust Company, a member of the Franklin family, maintained an office of over 650 employees in Two World Trade Center during the September 11 attacks.[2] 87 employees died in the collapse.[3][4] Ann Tat­lock, the CEO of Fidu­ciary Trust Co. Inter­na­tional was at Offutt Air Force Base in Omaha for a charity event hosted by Warren Buffett.[5][6][7]

The firm specializes in conservatively managed mutual funds. It offers products under the Franklin, Templeton, Mutual Series and Fiduciary brand names. Like other large investment companies, the firm offers a wide variety of funds but is traditionally best known for bond funds under the Franklin brand, international funds under the Templeton brand, and value funds under the Mutual Series brand.

As of July 31, 2008, Franklin Resources, Inc. managed over $570 billion in total assets worldwide.[8] In April 2007, Franklin Resources was 445th in the Fortune 500, and 7th overall among securities companies.[9]

In April 2007, USA Today listed BEN stock as the top stock pick for the last 25 years based on returns, claiming it is up 64,224% since 1982.[10] In February 2009, Barron's Magazine called Franklin Templeton "King of the Decade" among fund families over the ten-year period ending in 2008.[11]

The company sponsored a tennis tournament, the Franklin Templeton Classic.[where?]

Mutual funds

Franklin Templeton has over 200 different open-ended mutual funds and 7 closed-end funds in the fund family. Included in these are 36 state and federal tax free income funds, an area of investment pioneered by Franklin.

Prominent funds in the fund family include the world's largest equity fund Templeton Growth Fund, Inc. (opened 1954, $29.5bn assets), the Mutual Shares fund (opened 1949, $7.9bn assets), and the Mutual Discovery Fund (opened 1992$, 7.6bn assets) and the Templeton Growth (Euro) Fund A (acc) ($6.1bn assets).

The Franklin Income Fund (FKINX, assets $33.6bn) is a mutual fund in Morningstar's "conservative allocation" category and "large/value" style box. The fund was created in 1948 and has paid uninterrupted dividends for 60 years. The Franklin Income Fund is constructed primarily of dividend-paying stocks and bonds (2%).

Regulatory issues

In 2004, Franklin Templeton paid fines to the State of California, the Commonwealth of Massachusetts, and the U.S. Securities and Exchange Commission to settle issues regarding questionable practices including market timing. The plan for distribution of settlement monies of $50 million[12] was completed in September 2006, and all distributions have been completed as of December 2008.[13]

A settlement was also completed with the Ontario Securities Commission concerning Bissett Funds in September 2005.[13]

See also

San Francisco Bay Area portal
Companies portal

References

External links

  • Yahoo Franklin Resources, Inc. Profile
  • Fiduciary Trust memorial page for employees who died in 9-11

Template:Benjamin Franklin

This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.