Franklin's Downgrade Is a Warning to All Bond Titans
Active mutual-fund managers have to be spooked by what’s happened to Franklin Resources Inc. Less than four years ago, the San Mateo, California-based company, known for its Templeton suite of offerings, looked poised to exceed $1 trillion in assets under management, cementing itself in the pantheon of fund families. At the time, there seemed little reason to doubt that trajectory. After all, Franklin is a publicly traded firm with great brand recognition, thanks to its affiliation with one of America’s iconic founding fathers.