Franklin Resources, commonly known as Franklin Templeton, is an asset management company that manages mutual funds and other investment products for individual and institutional investors, offering actively managed strategies across stocks, bonds and alternative investments under multiple brand names. As an active asset manager, Franklin Templeton relies on its investment teams making security selections aimed at outperforming market benchmarks, a business model that has faced increasing competitive pressure from lower-cost passive index funds and ETFs over the past decade. The company has grown partly through acquisitions of other asset managers, adding investment capabilities in areas like alternative investments and multi-asset strategies to diversify beyond its traditional actively managed mutual fund business. Franklin Templeton earns management fees based on the assets it oversees, meaning its revenue grows when markets rise and assets under management increase, and shrinks when markets fall or clients withdraw funds in favor of passive alternatives.