Franklin Resources provides investment services for individual and institutional investors. Its funds are marketed under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary, and Darby brands. At the end of December 2019, Franklin had $698 billion in managed assets, composed primarily of equity (40%), fixed-income (39%), and multi-asset/balanced (19%) funds. Distribution tends to be weighted more toward retail investors (72% of AUM), as opposed to institutional (25%) and high-net-worth (3%) clients. Franklin is also one of the more global firms of the U.S.-based asset managers we cover, with more than 40% of its AUM invested in global/international strategies and close to a third of managed assets sourced from clients domiciled outside the United States.