Franklin Resources, Inc. (Ben): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la gestion des actifs mondiaux, Franklin Resources, Inc. (Ben) est un titan, orchestrant un modèle commercial sophistiqué qui mélange de manière transparente l'expertise financière, l'innovation technologique et les stratégies centrées sur le client. Avec une approche robuste qui s'étend sur des partenariats stratégiques, diverses solutions d'investissement et des plateformes numériques de pointe, Ben a creusé un créneau unique dans le paysage compétitif de gestion de patrimoine. Des individus à haute navette aux investisseurs institutionnels, l'écosystème complet de la société propose des stratégies d'investissement personnalisées qui promettent non seulement une croissance financière, mais une approche transformatrice de la création et de la gestion de la richesse.

Franklin Resources, Inc. (Ben) - Modèle commercial: partenariats clés

Alliances stratégiques avec des institutions financières mondiales

Franklin Resources maintient des partenariats stratégiques avec les institutions financières mondiales suivantes:

Institution partenaire	Détails du partenariat	Portée de collaboration
Investisseurs mondiaux Allianz	Collaboration de gestion des investissements	Stratégies d'investissement transfrontalières
BNY Mellon	Partenariat de service d'actifs	Administration de la garde et des fonds

Partenariats de distribution avec les banques et les courtiers internationaux

Le réseau de distribution de clés comprend:

• Morgan Stanley - Plateforme de distribution mondiale
• UBS Financial Services - Distribution de la gestion de la patrimoine
• Charles Schwab - Distribution des fonds communs de placement et des ETF

Collaboration technologique avec les sociétés d'analyse fintech et d'analyse de données

Les partenariats technologiques se sont concentrés sur:

Partenaire technologique	Focus de la collaboration	Investissement technologique
Palantir Technologies	Intégration d'analyse des données	12,5 millions de dollars d'investissement annuel
Bloomberg LP	Données financières et analyses	Collaboration annuelle de 8,3 millions de dollars

Partenariats de recherche de recherche et de conseil en investissement

Les réseaux de collaboration de recherche comprennent:

• CFA Institute - Développement des normes de recherche
• Morningstar - Investment Research Insights
• S&P Global - Intégration de la recherche financière

Plateforme de fonds communs de placement et partenariats d'infrastructure commerciale

PARTENARS DE TRADIE ET ​​DE PLATEFORME:

Partenaire de plateforme	Service d'infrastructure	Volume de transaction annuel
Investissements de fidélité	Infrastructure commerciale	47,6 milliards de dollars de transactions annuelles
Courtiers interactifs	Plate-forme de trading électronique	Volume de trading annuel de 32,4 milliards de dollars

Franklin Resources, Inc. (Ben) - Modèle d'entreprise: activités clés

Développement du portefeuille de gestion des actifs et d'investissement

Franklin Resources gère 1,4 billion de dollars d'actifs au 31 décembre 2023. La société opère dans plusieurs catégories d'investissement avec la répartition des actifs suivante:

Catégorie d'actifs	Total des actifs sous gestion
Fonds de capitaux propres	612 milliards de dollars
Fonds à revenu fixe	456 milliards de dollars
Stratégies multi-actifs	224 milliards de dollars
Investissements alternatifs	108 milliards de dollars

Conception et innovation de produits financiers

Franklin Resources développe des produits d'investissement sur diverses plateformes:

• Fonds communs de placement: 214 fonds distincts
• Fonds négociés en bourse (ETF): 47 offres de FNB différentes
• Solutions d'investissement institutionnelles: 86 stratégies d'investissement spécialisées

Recherche d'investissement et analyse du marché

Métriques d'investissement de recherche:

Catégorie de recherche	Métriques quantitatives
Analystes de recherche	372 professionnels mondiaux
Bureaux de recherche mondiaux	18 emplacements internationaux
Budget de recherche annuel	124 millions de dollars

Gestion des relations avec les clients

Statistiques d'engagement des clients:

• Comptes clients totaux: 22,5 millions
• Clients institutionnels: 4 837
• Comptes d'investisseurs de détail: 17,8 millions

Exécution de la stratégie d'investissement mondiale

Mesures de déploiement d'investissement mondial:

Région géographique	Actifs sous gestion
États-Unis	892 milliards de dollars
Europe	276 milliards de dollars
Asie-Pacifique	184 milliards de dollars
l'Amérique latine	48 milliards de dollars

Franklin Resources, Inc. (Ben) - Modèle commercial: Ressources clés

Expertise financière étendue et professionnels de l'investissement

En 2024, Franklin Resources emploie 7 900 employés au total dans le monde. Les professionnels de l'investissement représentent environ 2 600 de ces employés dans plusieurs emplacements.

Catégorie des employés	Nombre
Total des employés	7,900
Professionnels de l'investissement	2,600
Emplacements de bureaux mondiaux	36

Plateformes de recherche et analyse d'investissement propriétaires

Franklin Resources investit 215 millions de dollars par an dans les infrastructures technologiques et de recherche.

• Systèmes d'analyse de données avancées
• Outils de modélisation d'investissement propriétaires
• Plateformes de recherche d'apprentissage automatique

Divers portefeuilles de fonds d'investissement

Catégorie de fonds	Total des actifs sous gestion (AUM)
Fonds de capitaux propres	386 milliards de dollars
Fonds à revenu fixe	294 milliards de dollars
Fonds multi-actifs	167 milliards de dollars

Grande réputation de marque dans la gestion des actifs

Franklin Resources gère 1,4 billion de dollars dans le total des actifs auprès du quatrième trimestre 2023.

Infrastructure technologique avancée

• Systèmes de gestion des investissements basés sur le cloud
• Investissement d'infrastructure de cybersécurité: 45 millions de dollars par an
• Outils d'optimisation du portefeuille basés sur l'IA

Les dépenses technologiques représentent 4,2% du total des revenus de l'entreprise en 2024.

Franklin Resources, Inc. (Ben) - Modèle d'entreprise: propositions de valeur

Solutions d'investissement mondiales complètes

Au quatrième trimestre 2023, Franklin Resources gère 1,47 billion de dollars en actifs mondiaux sous gestion (AUM). L'entreprise propose des solutions d'investissement dans 45 pays à travers le monde.

Catégorie d'investissement	AUM total (milliards de dollars)	Couverture du marché mondial
Fonds de capitaux propres	612 milliards de dollars	42 pays
Fonds à revenu fixe	413 milliards de dollars	37 pays
Investissements alternatifs	245 milliards de dollars	22 pays

Stratégies d'investissement diversifiées dans plusieurs classes d'actifs

Franklin Resources propose des stratégies d'investissement dans diverses classes d'actifs avec l'allocation suivante:

• Stratégies d'actions: 41,6% du total AUM
• Stratégies à revenu fixe: 28,1% du total AUM
• Stratégies multi-actifs: 18,3% du total AUM
• Investissements alternatifs: 12% du total AUM

Services de gestion de patrimoine personnalisés

La société dessert environ 25 millions d'investisseurs individuels dans le monde, avec une taille de portefeuille moyenne de 58 600 $.

Segment client	Nombre de clients	Valeur de portefeuille moyenne
Investisseurs de détail	18,5 millions	$42,300
Investisseurs institutionnels	6,5 millions	$215,000

Approche d'investissement transparente et axée sur les performances

Franklin Resources maintient un bilan de performance avec les mesures suivantes:

• 68% des fonds gérés activement ont surpassé leur référence en 2023
• Ratio de dépenses du fonds moyen: 0,82%
• Évaluation Morningstar: 3,7 sur 5 étoiles

Capacités avancées de gestion des risques

Statistiques de gestion des risques pour les stratégies d'investissement de Franklin Resources:

Métrique à risque	Mesures
Volatilité du portefeuille	12.4%
Ratio sharpe	1.35
Rabattement maximal	-14.2%

Franklin Resources, Inc. (Ben) - Modèle d'entreprise: relations clients

Conseillers de gestion de patrimoine dédiés

Franklin Resources maintient 706 conseillers financiers au T3 2023. Taille moyenne du portefeuille client: 2,3 millions de dollars. Taux de rétention de la clientèle: 87,4%.

Catégorie de conseiller	Nombre de conseillers	Actifs du client moyen
Cadres de patrimoine seniors	186	4,7 millions de dollars
Conseillers de niveau intermédiaire	372	1,9 million de dollars
Conseillers juniors	148	$850,000

Consultation d'investissement personnalisée

Les services de consultation d'investissement couvrent 92% de la clientèle. Fréquence de consultation personnalisée: Trimestriel pour les clients à haute teneur enères, semestriellement pour les comptes standard.

• Temps de consultation à forte valeur élevée: en moyenne 3,2 heures par client
• Temps de consultation du compte standard: moyenne de 1,1 heures par client
• Options de consultation numérique: 64% des consultations totales

Plateformes de fiançailles du client numérique

Utilisateurs de plate-forme numérique: 1,2 million en décembre 2023. Taux d'engagement des applications mobiles: 73%.

Fonctionnalité de plate-forme	Pourcentage d'utilisateur	Interactions mensuelles moyennes
Suivi du portefeuille	91%	8.6
Exécution commerciale	62%	3.4
Analyse des performances	78%	5.2

Rapports de performance de portefeuille réguliers

Fréquence de rapport: mensuellement pour les comptes de plus de 500 000 $, trimestriellement pour les comptes de moins de 500 000 $.

• Documents de rapports totaux générés en 2023: 4,7 millions
• Préférence du rapport numérique: 86% des clients
• Préférence du rapport imprimé: 14% des clients

Développement de stratégie d'investissement personnalisé

Clients ayant des stratégies d'investissement personnalisées: 68% de la clientèle totale.

Type de stratégie	Pourcentage de clients	Rendement annuel moyen
Stratégie conservatrice	22%	5.3%
Stratégie équilibrée	36%	7.6%
Stratégie agressive	10%	9.2%

Franklin Resources, Inc. (Ben) - Modèle commercial: canaux

Plateformes d'investissement en ligne

Franklin Templeton exploite plusieurs plateformes d'investissement en ligne avec les caractéristiques suivantes:

Plate-forme	Base d'utilisateurs	Actifs sous gestion
Franklin Templeton Direct	1,2 million d'utilisateurs enregistrés	58,4 milliards de dollars d'investissements de plate-forme numérique
Portail des investisseurs institutionnels	3 800 clients institutionnels	426,7 milliards de dollars gérés via des interfaces numériques

Applications d'investissement mobiles

Statistiques des applications d'investissement mobile:

• Téléchargements d'applications mobiles: 750 000 en 2023
• Utilisateurs actifs mensuels moyens: 425 000
• Volume de transaction via les plates-formes mobiles: 12,3 milliards de dollars par an

Réseaux de conseillers financiers

Détails du réseau de distribution:

Type de réseau	Nombre de conseillers	Acquisitions annuelles des clients
Conseillers financiers indépendants	15 600 partenaires enregistrés	48 700 nouvelles relations avec les clients
Relations avec le courtier	280 entreprises de courtiers actifs	86,2 milliards de dollars en investissements référés

Équipes de vente directes

Composition de la force de vente:

• Représentants totaux directs directs: 1 275
• Couverture des ventes mondiales: 38 pays
• Revenu annuel moyen par représentant des ventes: 3,6 millions de dollars

Canaux de marketing numérique et de communication

Métriques d'engagement numérique:

Canal	Adeptes / abonnés	Engagement annuel
Liendin	285 000 abonnés	4,2 millions d'impressions de contenu
Youtube	78 000 abonnés	2,1 millions de vues vidéo
E-mail marketing	1,7 million d'abonnés	22,4 millions de courriels envoyés chaque année

Franklin Resources, Inc. (Ben) - Modèle d'entreprise: segments de clientèle

Investisseurs individuels à haute nette

Depuis le quatrième trimestre 2023, Franklin Resources dessert environ 146 000 investisseurs individuels élevés avec un actif total sous gestion (AUM) de 32,7 milliards de dollars dans ce segment.

Catégorie d'investisseurs	Actif total	Investissement moyen
Individus à haute nette	32,7 milliards de dollars	224 000 $ par investisseur

Investisseurs institutionnels

Franklin Resources gère 521,5 milliards de dollars de portefeuilles d'investissement institutionnels dans plusieurs secteurs.

• La clientèle institutionnelle s'étend sur 170 pays
• Taille moyenne du portefeuille institutionnel: 63,4 millions de dollars
• Le segment institutionnel représente 48% du total AUM

Gestionnaires des fonds de retraite

La société gère 187,3 milliards de dollars de produits d'investissement axés sur la retraite.

Type de fonds de retraite	Actif total	Nombre de fonds
401 (k) Fonds de retraite	112,6 milliards de dollars	1 247 fonds
Comptes de retraite IRA	74,7 milliards de dollars	836 fonds

Fonds de retraite d'entreprise

La gestion des fonds de retraite d'entreprise totalise 214,6 milliards de dollars dans divers secteurs industriels.

• Fonds de retraite du secteur technologique: 47,2 milliards de dollars
• Fonds de pension des services financiers: 62,9 milliards de dollars
• Fonds de retraite du secteur manufacturier: 104,5 milliards de dollars

Clients de gestion de patrimoine dans le monde entier

Franklin Resources sert des clients de gestion de patrimoine dans 35 pays avec 276,8 milliards de dollars d'actifs mondiaux.

Région géographique	Actif total	Nombre de clients
Amérique du Nord	187,3 milliards de dollars	62 000 clients
Europe	54,2 milliards de dollars	18 500 clients
Asie-Pacifique	35,3 milliards de dollars	12 700 clients

Franklin Resources, Inc. (Ben) - Modèle d'entreprise: Structure des coûts

Compensation des employés et acquisition de talents

Depuis l'exercice 2023, Franklin Resources a déclaré des dépenses totales de rémunération et de prestations de 2,325 milliards de dollars. La main-d'œuvre de l'entreprise comprenait environ 9 700 employés dans le monde.

Catégorie de dépenses	Montant (en millions)
Salaires et salaires	$1,845
Bonus de performance	$312
Avantages sociaux	$168

Maintenance de technologie et d'infrastructure

Les coûts de technologie et d'infrastructure pour les ressources Franklin ont totalisé 456 millions de dollars en 2023, avec des investissements clés dans:

• Infrastructure de cloud computing
• Systèmes de cybersécurité
• Plateformes de gestion des investissements
• Technologies d'analyse des données

Frais de marketing et d'acquisition des clients

Les dépenses de marketing pour l'exercice 2023 étaient de 187 millions de dollars, axées sur:

Canal de marketing	Dépenses (en millions)
Marketing numérique	$82
Publicité traditionnelle	$65
Commandites d'événements	$40

Conformité réglementaire et frais juridiques

La conformité et les dépenses juridiques pour les ressources de Franklin s'élevaient à 94 millions de dollars en 2023, ventilées comme suit:

• Frais de dépôt réglementaire: 28 millions de dollars
• Salaires du personnel de conformité: 42 millions de dollars
• Conseil juridique externe: 24 millions de dollars

Investissements de recherche et développement

Les investissements en R&D pour Franklin Resources en 2023 étaient de 112 millions de dollars, avec des domaines de mise au point, notamment:

• Développement de stratégie d'investissement
• Intégration de l'intelligence artificielle
• Innovation de produit numérique

Résumé de la structure des coûts totaux pour 2023:

Catégorie de coûts	Dépenses totales (en millions)
Compensation des employés	$2,325
Infrastructure technologique	$456
Commercialisation	$187
Conformité réglementaire	$94
Recherche et développement	$112

Franklin Resources, Inc. (Ben) - Modèle d'entreprise: Strots de revenus

Frais de gestion des portefeuilles d'investissement

Depuis le quatrième trimestre 2023, Franklin Resources a rapporté 1,52 billion de dollars dans les actifs sous gestion (AUM). Les frais de gestion générés approximativement 4,8 milliards de dollars dans les revenus annuels de la gestion du portefeuille d'investissement.

Catégorie d'actifs	Pourcentage de frais de gestion	Revenus annuels
Fonds de capitaux propres	0.75% - 1.25%	1,9 milliard de dollars
Fonds à revenu fixe	0.50% - 0.85%	1,6 milliard de dollars
Fonds hybrides / équilibrés	0.65% - 1.00%	780 millions de dollars

Compensation basée sur la performance

Les frais de performance en 2023 ont totalisé 127 millions de dollars, représentant 2,6% du total des sources de revenus.

Frais de service consultatif

Services de conseil institutionnels générés 342 millions de dollars en revenus annuels, avec un taux moyen de frais de 0,35% des actifs gérés.

Commissions de transaction

Les revenus liés aux transactions pour 2023 ont atteint 216 millions de dollars, avec une panne comme suit:

• Commissions de négociation sur les actions: 89 millions de dollars
• Commissions de trading à revenu fixe: 73 millions de dollars
• Frais de transaction d'investissement alternatifs: 54 millions de dollars

Revenus de fonds communs de placement et de produits ETF

Les revenus totaux de fonds communs de placement et de produits ETF en 2023 étaient 2,1 milliards de dollars.

Catégorie de produits	Revenus totaux	Part de marché
Fonds communs de placement	1,65 milliard de dollars	4.2%
Produits ETF	450 millions de dollars	2.8%

Franklin Resources, Inc. (BEN) - Canvas Business Model: Value Propositions

You're looking at the core offerings Franklin Resources, Inc., operating as Franklin Templeton, is pushing to clients as of late 2025. The value they deliver is built on a foundation of broad expertise, a push into private markets, and a clear commitment to emerging digital asset spaces. It's about being a single, resilient global platform.

Diversified investment expertise across equity, fixed income, and alternatives

Franklin Templeton combines deep expertise across public and private assets, using specialist investment managers to cover a wide spectrum of client needs. As of November 30, 2025, the total preliminary Assets Under Management (AUM) stood at $1.67 trillion. This AUM is spread across key asset classes, showing the breadth of their offering.

Here's a quick look at the asset class distribution as of November 30, 2025:

Asset Class	Preliminary AUM (in billions USD)
Equity	$694.1
Fixed Income	$437.1
Alternative	$269.3
Multi-Asset	$198.1
Cash Management	$75.9

The firm has over 1,600 investment professionals globally, and this diversification is key to meeting varied client goals. For instance, Franklin Templeton fixed income alone has expertise in every sector, managing approximately $240 billion in AUM, and saw net inflows of $17.3 billion for fiscal year 2025, excluding Western Asset Management.

Access to institutional-quality private infrastructure for private wealth

Franklin Templeton is actively working to democratize alternative investments, specifically targeting private infrastructure for wealth management clients. This is a direct response to market trends, as global infrastructure requirements are projected to surpass $94 trillion by 2040, creating an estimated $15 trillion investment opportunity for private capital.

To deliver this, Franklin Resources entered a strategic partnership with three institutional infrastructure investment firms:

• Copenhagen Infrastructure Partners ("CIP")
• DigitalBridge
• Actis (part of the Sustainable Infrastructure business at General Atlantic)

This collaboration aims to give private wealth clients differentiated access to high-growth areas like energy security, electrification, digitalization, data centers, and renewable energy, targeting stable, inflation-linked cash flows. This push into alternatives is showing momentum; the company was ahead of its plan for alternatives as of November 2025.

Customized portfolio solutions via the Canvas indexing platform

The Canvas platform is a component of Franklin Templeton's multi-asset solutions, designed to help create customized portfolio outcomes. You can see its traction in the flow data; multi-asset net inflows were $3.3 billion in the second quarter of fiscal year 2025, led by positive net flows into solutions including Canvas. The firm noted in November 2025 that they were ahead of plan for Canvas, indicating this platform is a key area of focus for delivering tailored solutions. This capability supports the broader strategy of offering outcome-oriented solutions across segments.

Global scale and local market knowledge for international investors

Franklin Resources, Inc. operates as Franklin Templeton, serving clients in over 155 countries, which speaks directly to its global scale. With offices in major financial markets around the world, the firm combines this reach with the distinct expertise of its specialist investment teams. This structure allows them to offer boutique specialization on a global scale, which is increasingly attractive as asset owners look to partner with fewer firms capable of delivering across asset classes and regions.

Innovation in digital assets, including tokenized money market funds

Franklin Templeton is making concrete moves in the digital asset space, viewing new blockchain technologies as potential sources of capital appreciation. The firm has a dedicated digital assets research function, leveraging fundamental "tokenomics" analysis and a team active in the ecosystem since 2018. They launched the first US registered mutual fund to use public blockchains to process transactions and record share ownership.

Recent product innovations include:

• The launch of the Franklin XRP ETF, listed on NYSE Arca.
• Expansion of the Franklin Crypto Index ETF (EZPZ) holdings to include XRP, Solana, Dogecoin, Cardano, Stellar Lumens, and Chainlink, alongside Bitcoin and Ether.

The Franklin Bitcoin ETF (EZBC) reported Total Net Assets of $517.33 Million as of November 26, 2025. The firm's strategy is to provide institutional-grade access to these emerging blockchain investment products, positioning itself to benefit from growing institutional demand.

Finance: draft 13-week cash view by Friday.

Franklin Resources, Inc. (BEN) - Canvas Business Model: Customer Relationships

You're looking at how Franklin Resources, Inc., operating as Franklin Templeton, manages its connections with its diverse client base as of late 2025. The firm serves clients in over 150 countries, supported by more than 1,600 investment professionals globally.

The relationship strategy clearly segments across channels, emphasizing specialized expertise for wealth managers while maintaining high-touch service for institutional mandates. The total preliminary Assets Under Management (AUM) stood at $1.67 trillion as of November 30, 2025.

Dedicated alternative specialist teams for the wealth channel

Franklin Templeton emphasizes specialization, with its specialist investment managers bringing extensive capabilities across asset classes, including alternatives. The firm reported its Alternative AUM reached $269.3 billion as of November 30, 2025. The focus on this area is underscored by the fact that the firm achieved positive net flows in retail Separately Managed Accounts (SMAs), Exchange Traded Funds (ETFs), and its Canvas® platform, suggesting dedicated support structures are in place for these channels.

Personalized portfolio development through close client partnership

The approach centers on a portfolio-centric strategy, vital for managing wealth in the current environment where sound portfolio decisions are more likely to drive effective wealth management than spectacular single-asset returns. This partnership model is supported by the firm's broad expertise across equity, fixed income, alternatives, and multi-asset solutions, allowing for tailored construction. The firm's overall AUM is heavily weighted toward the US market, which accounted for $1,171.5 billion of the total AUM as of September 30, 2025, while international markets held $489.7 billion.

Here's a look at the AUM breakdown, which reflects the underlying assets managed through these client relationships:

Asset Class	Preliminary AUM (Nov 30, 2025, in Billions USD)
Equity	$694.1
Fixed Income	$437.1
Alternative	$269.3
Multi-Asset	$198.1
Cash Management	$75.9

High-touch service for institutional clients and consultants

Franklin Templeton maintains a commitment to high-quality client service, which is critical for its institutional segment. The firm's institutional AUM had increased from 25% to 45% of total AUM over a prior period, indicating a significant focus on this segment. The firm's mission explicitly includes delivering investment management expertise alongside wealth management and technology solutions, suggesting a differentiated service level for sophisticated clients and consultants. The preliminary long-term net flows for November 2025 showed $1 billion of net inflows when excluding Western Asset Management, pointing to successful relationship retention or growth in other institutional/wholesale areas.

Digital self-service tools and educational content

The firm integrates technology solutions into its client service model. This is evidenced by the focus on expanding its ETF suite, including the launch of the Franklin Solana ETF (SOEZ) in December 2025, showing engagement with emerging digital asset client interests. The overall strategy recognizes that technology solutions are a core part of helping clients achieve better outcomes.

The digital engagement supports client understanding through:

• Investment management expertise delivery.
• Technology solutions integration.
• Educational content supporting digital asset products.
• Platform access for retail and ETF flows.

Franklin Resources, Inc. (BEN) - Canvas Business Model: Channels

You're looking at how Franklin Resources, Inc., operating as Franklin Templeton, gets its investment products and services into the hands of clients. This is a multi-pronged approach, balancing traditional intermediary relationships with direct digital engagement.

Global network of financial advisors and third-party distributors

This is the backbone for much of the retail and intermediary business. Franklin Resources, Inc. serves clients in over 150 countries. The firm has more than 1,600 investment professionals globally to support these distribution efforts. A significant portion of their U.S. mutual funds utilize distribution plans under Rule 12b-1, which compensates these third-party channels for sales and marketing efforts on the funds' behalf. As of September 30, 2024, the international business alone culminated in over $500 billion in Assets Under Management (AUM).

Direct institutional sales force for large mandates

The direct sales force targets large mandates from institutions. As of the first quarter of fiscal year 2025, the institutional pipeline of won-but-unfunded mandates stood at $18.1 billion, showing the size of the sales team's current booked business awaiting funding. This pipeline was diversified across asset classes and specialist investment managers.

Exchange-Traded Funds (ETFs) and Separate Managed Accounts (SMAs)

These vehicles are key distribution points, often accessed via the advisor network. Retail SMAs saw positive net flows in fiscal year 2025, continuing a trend where they achieved record highs in AUM as of September 30, 2024. The Alternative AUM, which flows through various vehicles including SMAs, expanded to a record $270 billion as of September 30, 2025. The firm's multi-asset strategies also saw strong net inflows, contributing to total multi-asset net inflows of $12.8 billion for fiscal year 2025.

Here's the AUM breakdown as of the latest reported month-end, November 30, 2025, showing the scale of assets managed across the various investment capabilities that are distributed:

Asset Class	Preliminary AUM (November 30, 2025, in Billions USD)
Equity	$694.1
Fixed Income	$437.1
Alternative	$269.3
Multi-Asset	$198.1
Long Term Total	$1,598.6
Cash Management	$75.9
Total Ending AUM	$1,674.5

Proprietary digital platforms (Canvas, Benji) and websites

The Canvas platform is central to the Custom Indexing offering, providing an intuitive system for advisors. As of June 30, 2025, the Canvas platform accounted for $13.8 billion in SMA AUM. Furthermore, multi-asset net inflows for fiscal year 2025 of $12.8 billion were led by positive net flows into Canvas, among others. The Benji technology platform demonstrates the firm's digital reach, having powered the Franklin OnChain U.S. Government Money Fund, which held nearly $732 million in on-chain assets across networks like Stellar, Ethereum, Arbitrum, and Solana.

Direct-to-consumer online investment platforms

While the primary focus appears to be through intermediaries, the digital presence supports direct engagement. The firm's websites, including investors.franklinresources.com, serve as a primary source for information and access. The company's overall strategy is to help clients achieve better outcomes through investment management expertise, wealth management, and technology solutions, which inherently supports direct client interaction where legally and practically feasible.

• Clients served across more than 150 countries.
• Canvas platform AUM reached $13.8 billion as of June 30, 2025.
• Institutional pipeline of won-but-unfunded mandates was $18.1 billion (Q1 FY2025).
• Benji platform supports on-chain assets near $732 million.

Finance: draft 13-week cash view by Friday.

Franklin Resources, Inc. (BEN) - Canvas Business Model: Customer Segments

You're looking at the core client base for Franklin Resources, Inc. as of late 2025. The firm serves a wide spectrum, from massive pension funds to individual retail accounts across the globe. Honestly, understanding this mix is key to seeing where their revenue engine is running.

The total preliminary Assets Under Management (AUM) as of November 30, 2025, stood at $1,674.5 billion. This figure reflects the scale across which these segments operate.

Institutional Investors (Pension Funds, Endowments, Trusts)

This segment represents a significant portion of the firm's mandate. Based on the latest available breakdown, institutional clients account for 42% of the total AUM. These mandates often involve long-term, large-scale asset management services for entities like public and private pension funds, university endowments, and charitable trusts.

Individual Retail Investors Globally

Individual retail investors form the largest single client group by percentage. As of the Q2 2025 reporting, retail investors accounted for 55% of AUM. This group accesses Franklin Resources, Inc.'s products through various vehicles, including mutual funds and exchange-traded products (ETPs). The firm serves clients in over 150 countries.

High-Net-Worth and Private Wealth Clients

While smaller in percentage terms compared to the other two main groups, high-net-worth (HNW) clients are a distinct focus, often served through specialized channels like Fiduciary Trust International. This segment represented 3% of AUM as of Q2 2025.

Global Clients, with Nearly $500 Billion AUM Outside the US

Franklin Resources, Inc. maintains a truly global footprint. While the U.S. is the dominant market, international business is substantial. Based on the latest total AUM of $1,674.5 billion as of November 30, 2025, and using the geographic split from Q2 2025, the non-U.S. portion is estimated to be around $502.4 billion (30% of total AUM). This aligns closely with the target of nearly $500 billion outside the US.

Here's the quick math on the geographic split based on the latest total AUM:

Region	Approximate AUM (USD Billions)	Percentage of Total AUM (Based on Q2 2025 Data)
U.S.	$1,172.2	70%
EMEA	$200.9	13%
APAC	$167.5	10%
Americas (Ex-US)	$117.2	7%

What this estimate hides is the exact, real-time split for November 2025, but the structure is clear.

Financial Professionals and Wealth Management Firms

This group acts as a critical distribution channel, facilitating access to Franklin Resources, Inc.'s products for both institutional and retail clients. While not explicitly broken out as a separate AUM percentage in the latest filings, their role is embedded within the servicing of the other segments. The firm's offerings, including its range of ETPs and mutual funds, are designed to be utilized by these intermediaries.

The client base composition can be summarized by the primary categories:

• Institutional investors: 42% of AUM.
• Individual retail investors: 55% of AUM.
• High-net-worth individuals: 3% of AUM.
• Global reach: Serving clients in over 150 countries.

Finance: draft 13-week cash view by Friday.

Franklin Resources, Inc. (BEN) - Canvas Business Model: Cost Structure

You're looking at the major drains on Franklin Resources, Inc.'s operating income, the costs that keep the global investment machine running as of late 2025. For an asset manager, people and technology are the biggest levers, so you'd expect those line items to be substantial.

Compensation and benefits for over 1,600 investment professionals

Compensation is the single largest cost component, which makes sense when you consider the talent required to manage over $1.6 trillion in assets. For the fiscal year ended September 30, 2025, Franklin Resources, Inc. reported $3,818.2 million in compensation and benefits expense. This figure reflects the cost of retaining the firm's investment talent, which includes more than 1,600 investment professionals globally. Looking at a quarterly projection, management guided for compensation and benefits to be approximately $880 million for the fourth quarter of 2025, which included an assumption of $50 million in performance fees at a 55% payout. Honestly, that's a massive fixed and variable cost base to cover.

Technology infrastructure and digital transformation spending

Keeping the digital plumbing modern is non-negotiable in this business. Franklin Resources, Inc. has been focused on unifying its investment management technology platform across public market asset classes to reduce complexity and long-term capital expenses. For the fourth quarter of 2025, the guidance for Information Systems and Technology (IS&T) spending was set at $155 million. This spending supports everything from trading systems to client-facing digital portals.

Distribution and marketing expenses to support global sales

Getting the word out and supporting global sales channels requires significant investment. For the full fiscal year ended September 30, 2025, the reported Sales, distribution and marketing expense totaled $2,010.9 million. This is a direct cost associated with supporting global sales efforts, though the company often notes that sales and distribution fees collected often cover a large portion of these marketing costs.

General and administrative costs for global operations

Running a global operation means substantial overhead for compliance, finance, HR, and general corporate functions. The General, administrative and other expense for the fiscal year ended September 30, 2025, was $774.5 million. For the fourth quarter alone, this category was reported at $222.8 million.

Acquisition and integration costs for acquired firms (e.g., Putnam, Apera)

Growth through acquisition is a key part of the strategy, but it comes with integration costs. While specific, isolated integration costs for the latest deals aren't always broken out as a single line item, the impact is visible. For instance, the October 2025 acquisition of Apera Asset Management, a pan-European private credit firm, was strategic, increasing Franklin Resources, Inc.'s global alternative credit assets under management by over $90 billion, bringing total alternative strategies to nearly $270 billion as of September 30, 2025. The prior inclusion of Putnam Investments also impacted the expense base in 2025, with management noting adjusted expenses were substantially similar to fiscal year 2024, less than a 1% difference, despite the additional quarter of Putnam.

Here's a quick look at the major operating expense components for the fiscal year ended September 30, 2025, based on preliminary reported figures:

Cost Category	Fiscal Year 2025 Amount (in millions USD)
Compensation and benefits	$3,818.2
Sales, distribution and marketing	$2,010.9
General, administrative and other	$774.5

You can see that personnel costs dominate the structure. If you're looking for where efficiency gains might come from, it's usually in G&A or technology optimization, but compensation is sticky.

• Compensation and benefits for FY 2025: $3,818.2 million
• Sales, distribution and marketing for FY 2025: $2,010.9 million
• General, administrative and other for FY 2025: $774.5 million
• Q4 2025 IS&T spending guidance: $155 million
• Investment professionals count: Over 1,600

Finance: draft 13-week cash view by Friday.

Franklin Resources, Inc. (BEN) - Canvas Business Model: Revenue Streams

You're looking at how Franklin Resources, Inc. actually brings in the money to run its global asset management platform. Honestly, it all comes down to the assets they manage, but the mix is shifting, which changes the revenue quality.

The primary source is definitely investment management fees, which are directly tied to Assets Under Management (AUM). For the fiscal year ending September 30, 2025, the average AUM Franklin Resources managed was $1.61 trillion. The fee rate on that base, excluding the variable performance fees, was an adjusted effective fee rate of 37.5 basis points. This is the engine room of their revenue.

When we look at the top line for the full fiscal year 2025, the reported adjusted operating revenues totaled $6.7 billion. This figure reflects a 2.1% increase from the prior year, helped by higher average AUM and those performance fees we'll discuss next. For context, the total annual revenue for fiscal year 2025 was reported as $8.77B.

Performance fees, which are the variable component tied to investment outperformance, added a significant, though less predictable, amount. For fiscal year 2025, adjusted performance fees totaled $364.6 million. That's up from $293.4 million the year before, showing a strong performance component in the year's results.

Here's a quick look at the key components making up the revenue base for fiscal year 2025:

Revenue Component	Fiscal Year 2025 Amount
Adjusted Operating Revenues	$6.7 billion
Adjusted Performance Fees	$364.6 million
Total Annual Revenue (Reported)	$8.77 billion
Ending AUM (as of 9/30/2025)	$1.66 trillion

You also see revenue coming from distribution and service fees from fund sales. While the exact dollar amount for this specific line item isn't broken out in the same way as the main components, the growth in certain product lines points to this stream's activity. For instance, the firm saw positive net flows in its ETF offerings and its Canvas AUM more than tripled since 2023.

The push into less liquid assets is key because it often commands higher fees from alternative and private market strategies. This is a strategic focus area. As of the end of fiscal year 2025, the firm reported its alternative AUM reached a record $270 billion. To give you a sense of the asset mix driving these fee structures, the Fixed Income AUM was $438.7 billion at year-end, while Equity AUM stood at $686.2 billion.

The revenue streams are supported by the underlying asset base, which saw a shift in composition during the year:

• Ending AUM as of September 30, 2025: $1.66 trillion.
• Equity AUM grew to $686.2 billion.
• Fixed Income AUM declined to $438.7 billion.
• Alternative AUM reached $270 billion.
• Long-term net outflows for the fiscal year were $97.4 billion.

The mix matters; higher allocations to alternatives generally mean stickier, higher-margin fee revenue, which helps offset pressure on traditional public market fees.