Finance History | Franklin Resources — Custodian Funds Named for a Frugal Printer
· 1947-1
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Finance History | Franklin Resources — Custodian Funds Named for a Frugal Printer
kevin
People treat Franklin Templeton as a San Mateo campus that always ran global equity and bond funds.
The first company was a Wall Street distributor.
In 1947 Rupert H. Johnson Sr., who already ran a retail brokerage on the Street, organized Franklin Distributors in New York. He named the firm for Benjamin Franklin because he wanted the funds to stand for frugality and prudence in saving.
The first product line, Franklin Custodian Funds, was a set of conservatively managed stock and bond funds aimed at ordinary accounts rather than institutions.
When Johnson retired in 1957 his son Charles B. Johnson, twenty-four years old, became president. Assets under management were about two and a half million dollars in 1957 money, and the staff could be counted on one hand.
Franklin Resources went public in 1971. In 1973 it bought Winfield and Company in San Mateo and moved the headquarters from New York to California. Combined assets were then close to two hundred fifty million dollars, with about sixty employees.
The 1992 purchase of Templeton, Galbraith and Hansberger, for nine hundred thirteen million dollars, added Sir John Templeton's global funds and produced the dual brand the ticker still carries. The New York Stock Exchange symbol is BEN, for the printer on the original letterhead.
The mechanism was packaging prudence as a retail fund at a moment when insurance companies still owned the middle-class savings market. Johnson sold the idea that a small account could own a managed portfolio without buying a whole life policy.
The first rooms were on Wall Street. The standing pilgrimage site is the exchange block where the ticker later listed the holding company.
Photo: New York Stock Exchange and Wall Street files, via Wikimedia Commons
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