Why Franklin Resources Jumped 11.1% in December
Shares of Franklin Resources (NYSE: BEN) rose 11.1% in December, a rally that began just before Thanksgiving as the asset management industry consolidated and got ready for a new worldwide competitive race.
Franklin Resources kicked off the escalation after it completed its acquisition of Legg Mason for $4.5 billion in August that brought its combined assets under management to $1.5 trillion. It was followed by Charles Schwab buying TD Ameritrade, Eaton Vance buying Water Oak Advisors, and BlackRock acquiring Aperio Group.
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Source Fool.com
