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HSBC upgraded its outlook for PNC Financial Services Group from Hold to Buy as of March 31, 2025. Despite a 3.36% decrease in the number of funds holding PNC, total institutional shares increased by 3.12% to 439,478K shares, with varying changes in portfolio allocations among major shareholders.
UBS has raised its price target on Franklin Resources, Inc. to $23 from $19 while maintaining a neutral rating. The company manages investment funds under various brands and had $1,678.6 billion in assets under management as of September 2024. Its financial services include retail and private banking, with a significant portion of net sales coming from the United States.
Kenneth Leech, former co-CIO of Western Asset Management, has been charged with fraud for allegedly running a $600 million "cherry-picking" scheme, favoring certain clients in trade allocations. The SEC claims he misled investors and lied during testimony. Leech, who has a nearly 50-year unblemished career, plans to vigorously defend himself against the charges.
The IT sector is poised for a turnaround, driven by cloud, data, and AI, with banking and financial services (BFS) expected to see revenue normalization by FY26 due to increased discretionary spending from US firms. Major banks are modernizing legacy systems, with Citi retiring 450 applications and Morgan Stanley experiencing double-digit tech spending growth. However, some institutions like Wells Fargo and TD Bank prioritize regulatory compliance, with TD planning to invest $500 million annually in upgrades by CY2026 following a significant fine.
Franklin Resources Inc. will begin integrating parts of its Western Asset Management Co. unit as it faces a Securities and Exchange Commission investigation involving its prominent bond manager, Ken Leech. The transition will see Wamco's middle office operations merged into the larger firm, as announced by Franklin CEO Jenny Johnson and Wamco CEO Jim Hirschmann during a recent town hall meeting.
Shares of Franklin Resources Inc. dropped by as much as 7.7% following news of a Commodity Futures Trading Commission investigation into Western Asset Management Co. The firm has experienced $53 billion in outflows since it was revealed that Co-Chief Investment Officer Ken Leech is under scrutiny for potentially favoring certain clients with winning trades.
Franklin Resources, Inc. operates in investment fund management, divided into investment and financial services under various brands, including Franklin and Templeton. As of September 2023, the company managed USD 1,374.2 billion in assets, with a significant portion of its sales (74.9%) generated in the United States. The geographical sales breakdown also includes Luxembourg (14.4%) and smaller percentages from other regions.
Franklin Resources, Inc. has received a neutral rating from UBS. The company specializes in investment fund management, with assets under management totaling USD 1,374.2 billion as of September 2023. Its operations are divided into investment services and financial services, with a significant portion of net sales generated in the United States (74.9%).
Franklin Resources, Inc.
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hsbc upgrades pnc financial services group outlook to buy
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ubs raises price target on franklin resources maintains neutral rating
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former wamco co-cio charged with fraud in cherry-picking scheme
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