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Here are 1-3 brief analogies for Franklin Resources (BEN):

• A global asset manager, akin to a smaller BlackRock or Fidelity.
• Like T. Rowe Price or Vanguard, but with a broader range of managed investment products.

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• Mutual Funds: Actively managed investment portfolios spanning various asset classes and investment styles, available to individual and institutional investors.
• Exchange Traded Funds (ETFs): Diversified investment funds that trade on stock exchanges like individual stocks, offering exposure to a wide range of markets and strategies.
• Separate Accounts: Customized investment portfolios managed directly for institutional clients, high-net-worth individuals, and other large investors.
• Alternative Investment Solutions: Specialized investment strategies encompassing private equity, private credit, hedge funds, real estate, and infrastructure.
• Multi-Asset Solutions: Integrated portfolios that strategically combine different asset classes (e.g., equities, fixed income, alternatives) to achieve specific client objectives.

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Franklin Resources (symbol: BEN), operating as Franklin Templeton, is a global investment management organization that serves a diverse client base. While it manages assets for both institutional clients (which are 'other companies' or entities) and individual investors, its client base is highly diversified. The company does not typically disclose the names of individual institutional clients due to confidentiality agreements and the absence of any single client representing a 'major' portion of its overall assets under management (AUM) that would necessitate specific public disclosure.

As of September 30, 2023, Franklin Templeton's AUM breakdown by client type was:

• Institutional: $878.0 billion
• Retail: $485.4 billion
• High Net Worth: $142.3 billion

Based on these figures, institutional clients collectively represent the largest segment by AUM. However, given the nature of the asset management business, identifying specific named "customer companies" is not feasible or publicly available as no single institutional client typically constitutes a major customer in the traditional sense. Therefore, the most accurate way to describe Franklin Templeton's major customers is by their categories, encompassing both corporate and individual client types.

Franklin Templeton primarily serves the following major categories of customers:

1. Institutional Clients: These are entities such as corporate and public pension funds, endowments, foundations, sovereign wealth funds, insurance companies, and other corporations. These clients typically entrust large pools of capital to Franklin Templeton for professional management and customized investment solutions.
2. Retail Clients: This category encompasses individual investors. These individuals often access Franklin Templeton's investment products, such as mutual funds and exchange-traded funds (ETFs), through various intermediaries like financial advisors, broker-dealers, banks, and other third-party distribution platforms, as well as sometimes directly.
3. High Net Worth (HNW) Clients: This segment consists of individuals, families, and family offices with significant investable assets. They typically seek personalized wealth management services, bespoke investment strategies, and direct, tailored advice from Franklin Templeton.

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• S&P Global Inc. (SPGI)
• FactSet Research Systems Inc. (FDS)
• MSCI Inc. (MSCI)
• State Street Corporation (STT)
• The Bank of New York Mellon Corporation (BK)

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Jennifer M. Johnson, Chief Executive Officer, President, and Director

Jennifer M. Johnson joined Franklin Templeton in 1988 and has served in leadership roles across various divisions of the business. She is a third-generation member of the Johnson family, which founded and managed Franklin Templeton Investments; her grandfather, Rupert H. Johnson Sr., established the company in 1947, and her father, Charles B. Johnson, also previously served as CEO. Prior to becoming CEO in February 2020, Ms. Johnson held positions as Chief Operating Officer from 2010 to 2020 and President from 2016 to 2020. She has managed all major aspects of the business, including investment management, distribution, customer service, fund administration, technology, and the company's high-net-worth business. Ms. Johnson is also an advisor to Shatter Fund LLC, a venture capital firm focused on investing in technology companies founded and led by female entrepreneurs.

Matthew Nicholls, Co-President, Chief Financial Officer, and Chief Operating Officer

Matthew Nicholls joined Franklin Templeton in 2019, becoming Chief Financial Officer in May 2019 and Chief Operating Officer in April 2022. He is slated to become Co-President effective October 15, 2025. Before joining Franklin Templeton, Mr. Nicholls spent nearly 24 years at Citigroup, Inc. At Citigroup, he served as a managing director and global head of corporate and investment banking for the asset management industry within the Financial Institutions Group. He also held other leadership roles within Citigroup's Financial Institutions Group, including global corporate banking head and North America head of corporate and investment banking. Mr. Nicholls was a leading advisor to financial institutions and worked on numerous strategic transactions in the sector, including acting as a "matchmaker" in the deal between Legg Mason Inc. and Franklin Resources Inc.

Gregory E. Johnson, Executive Chairman and Chairman of the Board

Gregory E. Johnson has served as the Executive Chairman and Chairman of the Board of Franklin Resources since February 2020. He previously held the role of Chief Executive Officer of Franklin from July 2005 to February 2020, Co-Chief Executive Officer from January 2004 to July 2005, and President from December 1999 to September 2015. Mr. Johnson also serves as the Chairman of the San Francisco Giants since November 2019.

Daniel Gamba, Co-President and Chief Commercial Officer

Daniel Gamba serves as Co-President and Chief Commercial Officer. He will become Co-President, reporting to CEO Jenny Johnson, and join the company’s Executive Committee, effective October 15, 2025.

Terrence J. Murphy, Co-President and Head of Public Market Investments

Terrence J. Murphy has been the Head of Public Market Investments and Executive Vice President since 2023. He also serves as Co-President and will become Co-President, effective October 15, 2025.

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The key risks to Franklin Resources (symbol: BEN) are primarily driven by industry-wide shifts and recent regulatory challenges.

1. Shift to Passive Investments and Fee Pressure: The investment management industry faces an ongoing structural challenge characterized by intense competition and a significant shift in investor preferences toward lower-fee passive investment strategies, such as index funds and exchange-traded funds (ETFs). This trend continuously pressures the fees that Franklin Resources can charge for its predominantly actively managed funds, directly impacting its revenue and overall profitability. Despite efforts to diversify into alternative asset classes and digital assets, fee compression remains a central issue influencing the company's earnings power.
2. Regulatory Scrutiny and Reputational Risk: Franklin Resources has faced significant regulatory challenges, notably an investigation by the U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) concerning alleged misconduct in treasury derivatives trading and fund performance within its subsidiary, Western Asset Management. Although the DOJ indicated on December 13, 2025, that it is prepared to resolve the investigation without filing criminal charges against Western Asset, this scrutiny has already led to a substantial impairment charge, negatively affected financial results, and contributed to a decline in investor confidence and outflows. While the immediate legal overhang is reduced, regaining client confidence and addressing net outflows may take time.
3. Market Volatility and Decline in Assets Under Management (AUM): The financial performance of Franklin Resources is highly susceptible to market conditions. Economic downturns, increased market volatility, and changes in investor preferences can lead to sizable redemptions and a decrease in the company's Assets Under Management (AUM). A decline in AUM directly results in lower revenues and profitability, as the company's income is largely based on the size of the assets it manages. The firm has experienced client outflows and AUM declines influenced by market volatility.

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1. The acceleration and intensification of the shift to lower-cost, passive investment vehicles (ETFs, index funds), leading to significant fee compression across the asset management industry. This trend, driven by investor preference for lower costs and enabled by technological advancements, poses a fundamental threat to the revenue models and profitability of traditional active managers like Franklin Resources.

2. The rise of Direct Indexing as a sophisticated alternative to traditional mutual funds and ETFs. This technology-enabled approach allows investors to own customized portfolios of individual stocks that mimic an index, offering superior tax efficiency and personalization. Major financial institutions are heavily investing in direct indexing, which directly threatens Franklin Resources' core fund product offerings, particularly for high-net-worth and mass affluent clients.

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Franklin Resources (symbol: BEN), known as Franklin Templeton, operates in the global investment management sector, offering a diverse range of products and services across various asset classes. The addressable markets for their main products are substantial on a global scale.

Mutual Funds

The global open-end mutual fund assets were valued at approximately $69.0 trillion at the end of 2023. Projections indicate further growth, with the global mutual fund assets market expected to reach $95,815.0 billion by 2034, up from $55,851.0 billion in 2024. North America represents a significant portion of this market, having dominated in 2022 with over 30.0% of the revenue share and holding the largest market share in 2024. Specifically, the United States accounted for $38.8 trillion in mutual fund assets at the end of 2023.

Exchange-Traded Funds (ETFs)

The global ETF market was valued at around $13 trillion as of May 2024. This market is anticipated to continue its growth, with projections suggesting it could reach $20 trillion globally by 2028. The U.S. market plays a dominant role within the global ETF landscape, holding approximately $9 trillion in assets as of May 2024. Looking further out, the global Exchange-traded Fund Market is projected to reach $108,234.7 billion by 2031, growing from $13,828.9 billion in 2021.

Alternative Investments

The global alternatives industry, which includes private equity, private debt, real estate, hedge funds, and venture capital, is experiencing significant expansion. This market is projected to exceed US$30 trillion in assets under management by 2030, an increase from US$16.8 trillion at the end of 2023. Other forecasts also indicate the global alternatives market's assets under management (AUM) could reach $32 trillion by 2030. The broader global alternative investment funds (AIFs) market was valued at $12.8 trillion in 2023 and is expected to grow to $25.8 trillion by 2032. North America was the largest regional market for Alternative Investment Funds in 2023. Within alternatives, private equity is expected to remain the largest segment, with AUM potentially doubling from $5.8 trillion in end-2023 to $12.0 trillion by 2029.

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Franklin Resources (symbol: BEN) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and market expansions:

1. Expansion of Global Alternatives Platform and Private Markets: Franklin Resources is strategically focused on expanding its global alternatives platform. This includes significant efforts in private markets, evidenced by the acquisition of a majority interest in Apera Asset Management, a pan-European private credit firm, and successful fundraising for private market funds such as Lexington's flagship fund, which raised $22.7 billion in total capital commitments. The company raised $19 billion in alternative assets fiscal year-to-date in Q3 2025, with $15.7 billion specifically in private markets.
2. Growth in ETF Platform: The company has demonstrated notable success and strong client demand within its Exchange Traded Fund (ETF) platform. The ETF business generated net inflows of approximately $3.3 billion in Q3 2024, doubling the net flows from the prior quarter and marking the 11th consecutive quarter of positive net inflows. ETF assets under management (AUM) reached $27 billion in Q3 2024, a substantial increase from $4 billion just five years prior.
3. Diversification Across Asset Classes, Investment Vehicles, and Geographies: Franklin Resources is executing a long-term strategy of diversification across various asset classes, investment vehicles, and international markets. This diversification has led to positive net flows in multi-asset and alternative strategies. The company has also achieved strong growth in its international markets and its non-U.S. business has seen a fifth consecutive quarter of positive net flows.
4. Growth in Retail Separately Managed Accounts (SMAs) and Custom Indexing Solutions: The firm is experiencing strong positive net flows in its retail Separately Managed Accounts (SMAs) and its Canvas Custom Indexing solution platform. As a leading franchise in retail SMAs, Franklin Resources had $140 billion in assets under management in Q3 2024. The Canvas platform itself generated $800 million in net inflows during Q3 2024, with AUM increasing by 13% from the prior quarter to $8.2 billion and a robust pipeline.

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Share Repurchases

• Franklin Resources repurchased $180.8 million, $256.3 million, and $274.4 million in shares during fiscal years 2022, 2023, and 2024, respectively.
• A multi-year share repurchase program was completed in Q3 2025 with a tranche of 7,295,376 shares bought back for $157.41 million. This program saw the company retire over 195 million shares.
• As of November 30, 2023, the Board of Directors authorized an additional 27.2 million shares for repurchase, bringing the total available authorization to up to 40.0 million shares without an expiration date.

Outbound Investments

• Franklin Resources acquired Legg Mason for $4.5 billion in cash and assumed $2 billion in debt on July 31, 2020, significantly expanding its assets under management.
• The company acquired Putnam Investments in a $925 million deal that closed on January 1, 2024.
• Franklin Templeton completed the acquisition of Apera Asset Management, a pan-European private credit firm with over €5 billion in assets under management, on October 1, 2025.