History
In October 1992, Franklin acquired Templeton, Galbraith & Hansberger Ltd. for a reported cost of $913 million, leading to the common name Franklin Templeton. Mutual fund pioneer Sir John Templeton was the owner of Templeton, Galbraith & Hansberger Ltd together with his son Dr. John Templeton and John Galbraith who together owned 70% of the firm.
In November 1996, Heine Securities Corporation, known for the Mutual Series of funds, merged into the Franklin Templeton complex. In October 2000, Franklin acquired Bissett Funds to increase its Canadian presence, and Bissett remains a key brand from Franklin in the Canadian market. The Fiduciary Trust Company was acquired by Franklin Templeton in April 2001.
Fiduciary Trust Company, a member of the Franklin family, maintained an office of over 650 employees in Two World Trade Center during the September 11 attacks. 87 employees died in the collapse. Ann Tatlock, the CEO of Fiduciary Trust Co. International was at Offutt Air Force Base in Omaha for a charity event hosted by Warren Buffett.
The firm specializes in conservatively managed mutual funds. It offers products under the Franklin, Templeton, Mutual Series and Fiduciary brand names. Like other large investment companies, the firm offers a wide variety of funds but is traditionally best known for bond funds under the Franklin brand, international funds under the Templeton brand, and value funds under the Mutual Series brand.
As of July 31, 2008, Franklin Resources, Inc. managed over $570 billion in total assets worldwide. In April 2007, Franklin Resources was 445th in the Fortune 500, and 7th overall among securities companies.
In April 2007, USA Today listed BEN stock as the top stock pick for the last 25 years based on returns, claiming it is up 64,224% since 1982. In February 2009, Barron's Magazine called Franklin Templeton "King of the Decade" among fund families over the ten year period ending in 2008.
The company sponsored a tennis tournament, the Franklin Templeton Classic.
Read more about this topic: Franklin Templeton Investments
Famous quotes containing the word history:
“The custard is setting; meanwhile
I not only have my own history to worry about
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Unfinished concepts that can never bring themselves to the point
Of being, with or without my help, if any were forthcoming.”
—John Ashbery (b. 1927)
“I am ashamed to see what a shallow village tale our so-called History is. How many times must we say Rome, and Paris, and Constantinople! What does Rome know of rat and lizard? What are Olympiads and Consulates to these neighboring systems of being? Nay, what food or experience or succor have they for the Esquimaux seal-hunter, or the Kanaka in his canoe, for the fisherman, the stevedore, the porter?”
—Ralph Waldo Emerson (1803–1882)
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—Sarah M. Grimke (1792–1873)