Franklin's Purchase of Edinburgh Partners a Sign of the Times; No Change to $45 FVE
We were not too surprised by wide-moat-rated Franklin Resources' acquisition of Edinburgh Partners, a U.K.-based asset manager with $10 billion in assets under management focused on global and emerging-markets equities. While the terms of the deal were not announced, we can't imagine Franklin paying much more than 2%-3% of AUM for the firm. As Edinburgh will increase firmwide AUM by only 1.3%, it is unlikely to have a material impact on revenue and profitability. We are leaving our $45 fair valu...Franklin Resources is a holding company that, together with its subsidiaries, operates as Franklin Templeton?. The company is an investment management organization that provides investment management and related services to retail, institutional and investors in jurisdictions worldwide through its investment products. The company's investment products include its sponsored funds, as well as institutional and separate accounts, and sub-advised products. The company's funds include registered and unregistered funds. The company's services include fund administration, sales and distribution, and shareholder servicing. The company also provides sub-advisory services to certain investment products sponsored by other companies.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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