Franklin Resources Inc

BEN: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$11.00	Zwmwqg	Yrlyhszhc

Improving Equity and Credit Markets Have Lifted Franklin's AUM, but Industry Headwinds Persist

Greggory Warren

Feb 15, 2024

Business Strategy and Outlook

We've been big proponents of consolidation among the U.S.-based asset managers, expecting firms to pursue scale in existing product sets as well as pursue nonaffected investment products like alternative assets to offset the impact of fee and margin compression driven by the growth of low-cost passive products.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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