Franklin Templeton (Franklin Resources) is a global investment manager with roughly $1.66 trillion in AUM. The firm manages money across equity, fixed income, alternatives, multi-asset, and cash management strategies on behalf of retail investors, institutions, and high-net-worth individuals worldwide. Franklin Templeton operates through a "specialist investment manager" model, housing many distinct investment teams — each with its own brand and investment style — under shared corporate infrastructure and distribution. Key brands include Western Asset Management, ClearBridge, Brandywine Global, Clarion Partners, Benefit Street Partners, Lexington Partners, and Putnam Investments. Franklin Templeton reaches retail clients through third-party brokers and financial advisers, institutional clients through a direct sales force, and high-net-worth clients through Fiduciary Trust International. Revenue is primarily management fees calculated as a percentage of AUM, with an effective fee rate of roughly 37.5 bps in FY25. Key revenue drivers are AUM levels, asset mix (alternatives carry the highest fees; ETFs and direct indexing the lowest), and net flows. Franklin's growth strategy centers on alternatives (~$264B in AUM across private credit, secondary PE, and real estate), ETFs (~$50B in AUM), retail SMAs (~$165B), and retirement solutions. A notable headwind is Western Asset (~$231B in AUM), which has seen significant outflows following a government investigation into a former Co-CIO's trading practices, though outflows have moderated and performance has rebounded.