Form 8-K - Current report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 21, 2024

FRANKLIN RESOURCES, INC.

(Exact name of registrant as specified in its charter)


Delaware	001-09318	13-2670991
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One Franklin Parkway, San Mateo, CA 94403

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (650) 312-2000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.10 per share	BEN	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

On August 21, 2024, Western Asset Management Company, LLC (“Western Asset”), a wholly-owned subsidiary of Franklin Resources, Inc. (the “Company”), issued a press release. A copy of Western Asset’s press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The exhibits listed on the Exhibit Index are incorporated herein by reference.

Exhibit Index


Exhibit No.						Description
99.1						Press Release dated August 21, 2024, issued by Western Asset Management Company, LLC.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		FRANKLIN RESOURCES, INC.


Date:	August 21, 2024	/s/ Thomas C. Merchant
		Thomas C. Merchant
		Executive Vice President, General Counsel and Secretary

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EXHIBIT 99.1

Press Release (WA)

Western Asset Management Company Announces Leadership Transition

Michael Buchanan named Chief Investment Officer

Ken Leech on leave of absence

PASADENA, CA / [BUSINESS WIRE] / [August 21, 2024] / Western Asset Management Company (“Western Asset” or the “Company”), a global manager of active fixed-income solutions, announced today that it has appointed Michael Buchanan to Chief Investment Officer. Mr. Buchanan had served as co-Chief Investment Officer with Ken Leech, who is on a leave of absence, effective immediately.

In line with the Company’s succession plan, Mr. Buchanan has been elevated to Chief Investment Officer. Along with his responsibilities as Chief Investment Officer, Mr. Buchanan has assumed leadership of all global investment management responsibilities.

With nearly two decades at the Company and over three decades of industry expertise, Mr. Buchanan has helped lead the Company’s Global and US Strategy Committees and has had direct oversight of the Company’s global investment teams, including global macro and all sector teams. Prior to Western Asset, Mr. Buchanan served as Managing Director and Head of US Credit Products at Credit Suisse Asset Management and as Executive Vice President and Portfolio Manager at Janus Capital Management.

“We are confident Mike’s leadership, extensive experience, and deep commitment to Western Asset will ensure not only a seamless transition, but also that our clients and our team are in good hands,” said President and CEO Jim Hirschmann. “Mike has played an integral role in Western Asset’s strategy and growth, and we look forward to having him lead the next chapter of our storied investment team.”

“I look forward to continuing to lead our dedicated and talented team in delivering long-term investment growth for our valued clients,” said Mr. Buchanan. “Western Asset will continue to capitalize on dynamic market conditions to maintain our industry-leading position for years to come.”

As disclosed in the 10-Q filed by Franklin Resources in July, the Company launched an internal investigation into certain past trade allocations involving treasury derivatives in select Western Asset-managed accounts. The Company is also cooperating with parallel government investigations. Mr. Leech recently received a Wells Notice from the Staff of the U.S. Securities and Exchange Commission, and is on a leave of absence to focus on this matter. The Company will take action as warranted based on any findings after the conclusion of its investigation.

In light of Mr. Leech’s leave of absence, the Company has determined that closing its Macro Opportunities strategy (approximately $2.0 billion in AUM as of 7/31/2024) is in clients’ best interests.

About Western Asset Management Company

For over half a century, Western Asset has delivered long-term fundamental value investment solutions to our clients. With over $381.1 billion in client assets under management and deep experience across the range of fixed-income sectors, Western Asset is recognized as one of the world’s leading fixed-income managers. For more information, go to westernasset.com.

Media Contact

Jeaneen Terrio

+1 212-632-4005

jeaneen.terrio@franklintempleton.com

Document and Entity Information Document	Aug. 21, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Aug. 21, 2024
Entity Registrant Name	FRANKLIN RESOURCES, INC.
Entity Central Index Key	0000038777
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-09318
Entity Tax Identification Number	13-2670991
Entity Address, Address Line One	One Franklin Parkway
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
City Area Code	650
Local Phone Number	312-2000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	BEN
Security Exchange Name	NYSE
Entity Emerging Growth Company	false