Moat and Trend Assessment of Several Asset Managers Leads to Upgrades, Downgrades, and FVE Changes
We've updated our moat and trend ratings for a handful of U.S.-based asset managers--Invesco, Affiliated Managers Group, Franklin Resources, Eaton Vance, and Waddell & Reed--making several downgrades, one upgrade, and a handful of changes in our fair value estimates. As we look at the industry today, we see a confluence of a few different issues--poor relative active investment performance, the growth and acceptance of low-cost index-based products, and the expanding power of the retail-advi...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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