Franklin Resources Inc (NYSE: BEN) is an asset management company that provides investment management and related services to investors globally through its subsidiaries, including a network of specialist investment managers. Revenue is primarily driven by investment management fees, which are tied to the level and mix of assets under management (AUM), supplemented by sales and distribution fees earned from distributing mutual funds. As of September 30, 2025, Franklin managed $1,661.2 billion in AUM across equity ($686.2B), fixed income ($438.7B), alternatives ($263.9B), multi-asset ($193.9B), and cash management ($78.5B) asset classes. AUM declined from $1,678.6 billion at September 30, 2024, reflecting net long-term outflows of $97.4 billion offset partially by net market gains of $67.6 billion in FY2025. The firm distributes products primarily through third-party broker-dealers, banks, investment advisers, and other financial intermediaries rather than direct retail channels. United States AUM stood at $1,171.5 billion as of September 30, 2025, with Europe, Middle East and Africa at $215.1 billion and Asia-Pacific at $165.8 billion.

Revenue model

Investment management fees, which represent the majority of revenues, are calculated based on AUM levels and mix across asset classes and service types. Sales and distribution fees are earned by distributing mutual fund shares, consisting of upfront sales commissions and ongoing distribution fees (including Rule 12b-1 fees based on daily average AUM) that vary with gross sales volume, transaction size, and asset class mix.

Products and services

Investment management services across five asset classes: equity, fixed income, alternatives, multi-asset, and cash management. Products include U.S. and non-U.S. mutual funds, separately managed account programs, and sub-advised portfolios. Distribution services for mutual fund shares are provided under distribution agreements with the funds.

Customers and end markets

Investors globally, reached primarily through third-party financial intermediaries including broker-dealers, banks, and investment advisers. End markets span retail and institutional investors across the United States and international markets including Europe, Middle East and Africa, and Asia-Pacific.

Value-chain role

Asset manager and fund distributor. Franklin acts as investment adviser through its specialist investment manager subsidiaries and as fund distributor selling mutual fund shares on a continuous basis through third-party distribution channels. Various administration, technology, transfer agency, and other operational services are outsourced to third-party providers.

Geographic exposure

United States AUM: $1,171.5 billion (as of September 30, 2025). Europe, Middle East and Africa AUM: $215.1 billion. Asia-Pacific AUM: $165.8 billion. Specialist investment manager subsidiaries are registered as investment adviser equivalents in jurisdictions including Australia, Brazil, Canada, China, Hong Kong, Ireland, India, Japan, Luxembourg, Malaysia, Mexico, Saudi Arabia, Singapore, Switzerland, South Korea, the United Arab Emirates, the United Kingdom, and Uzbekistan.

Source: SEC 10-K, filed 2025-11-10

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