Group 1 - The Portnoy Law Firm has initiated an investigation into possible securities fraud involving Franklin Resources, Inc. and may file a class action on behalf of affected investors [1][2] - Franklin Resources announced the appointment of a single Chief Investment Officer at its subsidiary, Western Asset Management, replacing Ken Leech, who was on leave and had received a Wells Notice from the SEC [3] - The company decided to discontinue its Macro Opportunities strategy, citing it as being in the best interest of its clients [3] Group 2 - The Portnoy Law Firm offers complimentary case evaluations for investors seeking to recover losses due to corporate wrongdoing [2][4] - The founding partner of the Portnoy Law Firm has successfully recovered over $5.5 billion for investors in similar cases [4]

PART I [Forward-Looking Statements](index=4&type=section&id=FORWARD-LOOKING%20STATEMENTS) This section highlights that the Annual Report contains forward-looking statements, which are subject to known and unknown risks, uncertainties, and important factors that may cause actual results to differ materially from expectations - Forward-looking statements are provided under the 'safe harbor' protection of the Private Securities Litigation Reform Act of 1995[5](index=5&type=chunk) - Such statements involve known and unknown risks, uncertainties, and other important factors that may cause actual results to differ materially[6](index=6&type=chunk) - The Company undertakes no obligation to publicly announce changes to expectations or revisions to forward-looking statements, unless required by law[8](index=8&type=chunk) [Item 1. Business](index=4&type=section&id=Item%201.%20Business) Franklin Resources, Inc. is a global investment management organization operating under various brand names, with over $1.6 trillion in assets under management (AUM) as of September 30, 2024 - Franklin Resources, Inc. is a holding company with subsidiaries operating under Franklin Templeton® and/or subsidiary brand names, trading on the NYSE under 'BEN' and included in the S&P 500 Index[9](index=9&type=chunk) - The Company has one operating segment: investment management and related services[9](index=9&type=chunk) - As of September 30, 2024, the Company managed over **$1.6 trillion in assets under management (AUM)**[11](index=11&type=chunk) [General](index=4&type=section&id=GENERAL) Franklin offers diverse investment management and related services globally through various products and vehicles under distinct brand names - Franklin offers services and products under various distinct brand names, including Alcentra, Benefit Street Partners, Brandywine Global, Clarion Partners, ClearBridge Investments, Fiduciary Trust International, Franklin, Franklin Mutual Series, K2, Legg Mason, Lexington Partners, Martin Currie, O'Shaughnessy, Putnam, Royce, Templeton, and Western Asset Management Company[10](index=10&type=chunk) - The Company provides investment management and related services to retail, institutional, and high-net-worth investors globally through various products and vehicles, including sponsored funds, separate accounts, and sub-advised products[12](index=12&type=chunk) [Company History](index=5&type=section&id=Company%20History) Engaged in investment management since 1947, Franklin expanded through strategic acquisitions including Templeton, Legg Mason, Lexington Partners, Alcentra, and Putnam - Engaged in investment management since 1947, Franklin was incorporated in Delaware in 1969 and expanded through strategic acquisitions, including Templeton (1992), Legg Mason (2020), Lexington Partners (2022), Alcentra (2022), and Putnam (2024)[15](index=15&type=chunk) [Our Business Structure](index=5&type=section&id=OUR%20BUSINESS%20STRUCTURE) Revenues and income are primarily derived from providing investment management and related services, with fees largely dependent on AUM levels and mix - Revenues and income are primarily derived from providing investment management and related services, with investment management fees largely dependent on the level and mix of AUM[16](index=16&type=chunk) [Our AUM by Asset Class and Product Type](index=6&type=section&id=Our%20AUM%20by%20Asset%20Class%20and%20Product%20Type) The Company offers a broad product mix across equity, fixed income, alternative, multi-asset, and cash management asset classes - The Company offers a broad product mix across equity, fixed income, alternative, multi-asset, and cash management asset classes, delivered through U.S. funds, non-U.S. funds, institutional separate accounts, and retail separately managed accounts[19](index=19&type=chunk)[20](index=20&type=chunk) AUM by Asset Class and Product Type (in billions) as of September 30, 2024 | (in billions) as of September 30, 2024 | U.S. Funds | Non-U.S. Funds | Institutional Separate Accounts | Separately Managed Accounts | Other | Total | Percentage of Total AUM | |:---------------------------------------|:-----------|:---------------|:--------------------------------|:----------------------------|:------|:--------|:--------------------------| | Equity | $ 359.1 | $ 101.9 | $ 60.7 | $ 94.4 | $ 16.0| $ 632.1 | 38 % | | Fixed Income | 179.1 | 63.9 | 251.3 | 34.1 | 28.0 | 556.4 | 33 % | | Alternative | 145.9 | 79.8 | 23.9 | 0.2 | 0.1 | 249.9 | 15 % | | Multi-Asset | 99.9 | 10.9 | 4.6 | 16.6 | 44.2 | 176.2 | 10 % | | Cash Management | 33.0 | 30.0 | 1.0 | — | — | 64.0 | 4 % | | Total | $ 817.0 | $ 286.5 | $ 341.5 | $ 145.3 | $ 88.3| $ 1,678.6 | 100 % | [Our Investment Management Related Services and Products](index=6&type=section&id=Our%20Investment%20Management%20Related%20Services%20and%20Products) Specialist investment managers offer diverse expertise across asset classes and strategies, marketing products globally to retail, institutional, and high-net-worth clients - Specialist investment managers offer diverse expertise across asset classes and strategies, marketing products under their own brand names, with corporate distribution subsidiaries providing support[22](index=22&type=chunk) - Investment products are offered globally to retail, institutional, and high-net-worth clients, including mutual funds, closed-end funds, private funds, and separate accounts, designed for various investment goals including sustainable and ESG preferences[23](index=23&type=chunk) [Our Funds](index=7&type=section&id=Our%20Funds) Specialist investment managers manage fund portfolios, with most U.S. mutual fund investment management agreements requiring annual renewal and board or shareholder approval - Specialist investment managers manage fund portfolios according to stated objectives, with subsidiaries providing or arranging investment, shareholder servicing, and administrative services, often outsourcing to third parties[26](index=26&type=chunk) - Most U.S. mutual fund investment management agreements require annual renewal and approval by the board of directors or trustees, or shareholders, and are subject to termination with prior notice[27](index=27&type=chunk) [Retail Separately Managed Account Programs](index=7&type=section&id=Retail%20Separately%20Managed%20Account%20Programs) Certain specialist investment managers provide services to retail separately managed account programs, offering clients various investment strategies with an all-inclusive fee - Certain specialist investment managers provide services to retail separately managed account programs, allowing clients to choose from various investment strategies with an all-inclusive fee covering asset management, allocation, custody, and administration[28](index=28&type=chunk) [Alternative Products and Strategies](index=8&type=section&id=Alternative%20Products%20and%20Strategies) Alternative products encompass a range of private credit, structured, private equity, and real estate funds, employing diverse investment strategies - Alternative products include private credit funds, structured products, business development companies, hedge funds, private equity funds, secondary funds, venture capital funds, and real estate funds, employing diverse investment strategies[29](index=29&type=chunk) [High-Net-Worth Investment Management, Trust and Custody Services](index=8&type=section&id=High-Net-Worth%20Investment%20Management,%20Trust%20and%20Custody%20Services) Through Fiduciary Trust International, the Company offers comprehensive services to high-net-worth individuals, families, family offices, foundations, and institutional clients - Through Fiduciary Trust International, the Company offers investment management, advisory, trust, custody, and related services to high-net-worth individuals, families, family offices, foundations, and institutional clients[30](index=30&type=chunk) [Sales and Distribution](index=8&type=section&id=Sales%20and%20Distribution) The global distribution group manages sales, marketing, and business development through regional teams and various channels, with fees primarily from mutual fund distribution - The global distribution group manages sales, marketing, and business development through regional teams and various channels (retail, institutional, private wealth, retirement, insurance), leveraging a global footprint and investment capabilities[31](index=31&type=chunk) - Sales and distribution fees are primarily earned from distributing mutual funds, consisting of upfront sales commissions and ongoing distribution fees, which are largely paid to financial advisors and intermediaries[34](index=34&type=chunk)[37](index=37&type=chunk) [Shareholder Servicing](index=9&type=section&id=Shareholder%20Servicing) Shareholder servicing fees are earned from sponsored funds for transfer agency services, determined by contractual margin or a percentage of AUM and account activity - Shareholder servicing fees are earned from sponsored funds for transfer agency services, including statements, transaction processing, client service, and tax reporting, determined by contractual margin or a percentage of AUM and account activity[39](index=39&type=chunk) [Competition](index=9&type=section&id=COMPETITION) The financial services industry is highly competitive, with competition based on reputation, investment performance, product mix, service quality, innovation, distribution relationships, and fees - The financial services industry is highly competitive, with competition based on reputation, investment performance, product mix, service quality, innovation, distribution relationships, and fees[40](index=40&type=chunk) - The Company faces strong competition from numerous investment management companies, brokerage firms, banks, and other financial institutions, with increasing competition for third-party distribution channels leading to rising costs[40](index=40&type=chunk)[44](index=44&type=chunk) [Regulation](index=10&type=section&id=REGULATION) The Company is subject to extensive and evolving U.S. federal and state, and international regulations, including securities, compliance, corporate governance, disclosure, privacy, anti-bribery, anti-money laundering, and sanctions laws - The Company is subject to extensive and evolving U.S. federal and state, and international regulations, including securities, compliance, corporate governance, disclosure, privacy, anti-bribery, anti

Franklin Resources, Inc. (BEN) reported its preliminary assets under management (AUM) of $1.63 trillion as of Oct. 31, 2024. This reflected a decrease of 2.9% from the prior month.The decline in the AUM balance was due to the impacts of negative markets and long-term net outflows of $18.5 billion, including the previously disclosed $17.8 billion of long-term net outflows at Western Asset Management.Break Down of BEN’s AUM Based on Asset ClassBEN recorded equity assets of $618.2 billion, which fell 2.2% from ...

Core Insights - Franklin Resources, Inc. is under investigation for potential violations of federal securities laws, which has led to significant stock price declines and substantial net outflows from its assets under management [1][3][5] Company Overview - Franklin Resources, also known as Franklin Templeton, manages approximately $1.7 trillion in assets, with a key division being Western Asset Management (WAM), focused on fixed income [2] Recent Developments - On July 26, 2024, Franklin Resources announced an internal investigation regarding past trade allocations of treasury derivatives, which coincided with notifications of parallel investigations by the SEC and U.S. Department of Justice, resulting in a 2.4% stock price drop [3] - On August 21, 2024, WAM's co-Chief Investment Officer Ken Leech was placed on leave after receiving a Wells Notice from the SEC, leading to a 13% decline in stock price and the closure of the Macro Opportunities strategy, which had approximately $2.0 billion in assets under management [4] - On November 4, 2024, the company reported preliminary fourth quarter results, revealing $31.3 billion in long-term net outflows, a 354% increase year-over-year, and a quarterly net loss of $84.7 million, causing an almost 3% decline in stock price [5]

Core Viewpoint - Franklin Resources, Inc. is under investigation for potential violations of federal securities laws, which has led to significant stock price declines and substantial net outflows from its assets under management [1][3][5]. Company Overview - Franklin Resources, also known as Franklin Templeton, is a major asset management company with $1.7 trillion in assets under management [2]. Investigation and Stock Performance - On July 26, 2024, Franklin Resources announced an internal investigation regarding past trade allocations in its Western Asset Management division, which resulted in a 2.4% drop in stock price from $23.64 to $23.08 [3]. - Following the placement of WAM co-Chief Investment Officer Ken Leech on leave due to a Wells Notice from the SEC, the stock price fell by 13% from $22.62 to $19.78 on August 21, 2024 [4]. - The company reported a staggering $31.3 billion in long-term net outflows for the quarter ended September 30, 2024, a 354% increase from the previous year, alongside a quarterly net loss of $84.7 million, leading to a nearly 3% decline in stock price on November 4, 2024 [5].

Core Insights - Brand Engagement Network Inc. (BEN) has appointed Walid Khiari as Chief Financial Officer (CFO) and Chief Operating Officer (COO), effective November 18, 2024, highlighting the company's commitment to growth and innovation [1][4] - Mr. Khiari brings over 20 years of finance experience, including 15 years as a technology investment banker, which positions him well to lead BEN's global expansion [2][3] - The leadership transition is supported by outgoing CFO Bill Williams, who has been instrumental in BEN's financial strategy, and CEO Paul Chang, who expresses enthusiasm for the new phase of growth [4] Company Overview - BEN is a global leader in providing secure and reliable conversational AI solutions, enhancing customer experiences and delivering business value through AI-powered digital assistants and lifelike avatars [5] - The company operates from offices in Jackson, Wyoming, and Seoul, South Korea, and offers scalable AI solutions through various technologies, ensuring data sovereignty for its clients [5][6] - BEN's mission is to make AI friendly and helpful for all, aiming to broaden the benefits of AI-enhanced technology [6]

NEW YORK, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Franklin Resources, Inc. (NYSE: BEN) for potential violations of the federal securities laws. If you invested in Franklin Resources, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/franklin-resources-inc. Why Did Franklin Resources’s Stock Drop? Franklin Resources is a $1.7 trillion asset management company better know ...

JACKSON, Wyo., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Brand Engagement Network Inc. (“BEN”) (Nasdaq: BNAI), a leading provider of safe, intelligent, and scalable customer engagement AI, announced today that it will release its financial results for the third quarter, which ended on September 30, 2024. The results will be announced on Thursday, November 14, 2024, after the market close. The company will host a conference call to discuss these results at 5:00 p.m. ET on the same day. CEO Paul Chang and CFO Bill Wi ...

NEW YORK, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Franklin Resources, Inc. (NYSE: BEN) for potential violations of the federal securities laws. If you invested in Franklin Resources, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/franklin-resources-inc. Why Did Franklin Resources’s Stock Drop? Franklin Resources is a $1.7 trillion asset management company better know ...

NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Franklin Resources, Inc. (NYSE: BEN) for potential violations of the federal securities laws. If you invested in Franklin Resources, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/franklin-resources-inc. Why Did Franklin Resources’s Stock Drop? Franklin Resources is a $1.7 trillion asset management company better know ...