Franklin Resources, Inc.

BEN: Franklin Resources provides investment services for individual and institutional investors. At the end of August, Franklin had $1.421 trillion in managed assets, composed primarily of equity (32%), fixed-income (35%), multi-asset/balanced (11%) funds, alternatives (18%) and money market funds (4%). Distribution tends to be weighted equally between retail investors (50% of AUM) and institutional accounts (48%), with high-net-worth clients accounting for the remainder. Franklin is one of the more global of the U.S.-based asset managers we cover, with more than a third of its assets under management invested in global/international strategies and 28% of managed assets sourced from clients domiciled outside the United States.