SECOND TAKE: FT'S LEX
THE LEX COLUMN: Franklin Templeton — failure in action
Active fund managers may gaze at what has happened to Franklin Resources — parent of Franklin Templeton — nervously.
Not many fund management stocks have underperformed world markets so comprehensively for years. Its market value has halved over five years. The success of passive index strategies will be blamed. Yet that ignores strategic errors and poor performance by its star managers.