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34-592: The building is managed by Henderson Sunlight Asset Management, a subsidiary of Henderson Land Development Hong Kong, a company which also developed the International Finance center . The MLC in the name stands for Mutual Life & Citizens Assurance Company - an Australian life insurance company formed in 1908. The building was renamed CEF Life tower when, in 1998, six floors of the building were leased out to CEF Life (Canadian Eastern Life assurance, renamed CEF Lend Lease, now owned by Axa Hong Kong ),

68-635: A blockchain to process transactions and record share ownership. The technology is provided by the Stellar network and Blockchain Administrator, a Delaware company. The OnChain US Government Money Fund pilot started with $ 1.4M of seed money and investment from employees. The automated administration can trade around the clock and removes the need for brokerages, which should result in a "highly significant decrease in fees". However,

102-711: A $ 1.75   billion cash deal. The acquisition completed in April 2022. In January 2022, Franklin Templeton acquired O'Shaughnessy Asset Management, an asset management firm founded by James O'Shaughnessy . On May 31, 2022, it was announced that BNY Mellon Investment Management would sell Alcentra to Franklin Templeton. The transaction was completed on November 1, 2022. On May 31, 2023, Great-West Lifeco announced that Franklin Templeton would acquire Putnam Investments for $ 925 million. Putnam Investments subsidiary, PanAgora Asset Management would not be included in

136-467: A 40% discount to NAV. The buyout offer fell when it was opposed by more than 14% of the holders of the outstanding shares. In November 2005, it made another attempt when it offered one share for every 2.6 share in HI, although the offer was subsequently sweetened to 2.5 shares. The revised deal valued HI at an 18% discount to its net asset value. The company had persuaded shareholder Templeton Investment to back

170-404: A company partly owned by Li Ka Shing 's Cheung Kong holdings . 22°16′28″N 114°10′25″E  /  22.27450°N 114.1735°E  / 22.27450; 114.1735 This article about a Hong Kong building or structure is a stub . You can help Misplaced Pages by expanding it . Henderson Land Development Henderson Land Development Co. Ltd. ( Chinese : 恒基兆業地產有限公司 )

204-593: A full range of asset classes. It offers products under the Franklin, Templeton, Mutual Series and Fiduciary brand names, among others. Like other large investment companies, the firm offers a wide variety of funds but is traditionally best known for bond funds under the Franklin brand, international funds under the Templeton brand, and value funds under the Mutual Series brand. In April 2007, Franklin Resources

238-559: A joint venture with Sun Hung Kai and MTR Corporation , the company developed the International Finance Centre complex, which includes the landmark waterfront property and then tallest building in Hong Kong, completed in 2003. Since its completion, the company has its headquarters in the building. 39 Conduit Road is a residential development by the company situated in the mid-levels in Hong Kong . Soon after

272-518: A key brand from Franklin in the Canadian market. The Fiduciary Trust Company was acquired by Franklin Templeton in April 2001. Fiduciary Trust Company International , a member of the Franklin family, maintained an office of over 650 employees in 2 World Trade Center at the time of the September 11 attacks in 2001. 87 employees died in the collapse. The firm has specialized expertise across

306-591: A reported cost of $ 913 million, leading to the common name Franklin Templeton . Mutual fund pioneer Sir John Templeton was the owner of Templeton, Galbraith & Hansberger Ltd together with his son Dr. John Templeton and John Galbraith who together owned 70% of the firm. In November 1996, Heine Securities Corporation, known for the Mutual Series of funds, merged into the Franklin Templeton complex. In October 2000, Franklin acquired Bissett Funds to increase its Canadian presence, and Bissett remains

340-518: Is a listed property developer in Hong Kong and a constituent of the Hang Seng Index . The company's principal activities are property development and investment, project management, construction, hotel operation, department store operation, finance, investment holding and infrastructure. It is the third largest Hong Kong real estate developer by market capitalisation. The company is controlled by Lee Shau Kee , who owns approximately 70.17% of

374-619: Is an American multinational holding company that, together with its subsidiaries, is referred to as Franklin Templeton ; it is a global investment firm founded in New York City in 1947 as Franklin Distributors, Inc. It is listed on the New York Stock Exchange under the ticker symbol BEN, in honor of Benjamin Franklin , for whom the company is named, and who was admired by founder Rupert Johnson Sr. In 1973,

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408-408: Is constructed primarily of dividend-paying stocks and bonds (2%). Franklin Templeton launched its first exchange-traded funds (ETFs) in 2013. By 2021, these included 55 active, smart beta/multifactor and passively managed ETFs in the U.S, with US$ 9.7 billion in assets under management. In 2021, Franklin Templeton launched the first "tokenised" US mutual fund as a pilot – it uses

442-778: The 1980s. Starting in 1980, the company's total assets under management doubled (or nearly doubled) every year for the next six years. The company's stock began trading on the New York Stock Exchange in 1986. In the same year, the company opened its first office outside North America in Taiwan. In 1988, Franklin acquired L.F. Rothschild Fund Management Company. Assets under management for Franklin grew from just over US$ 2 billion in 1982 to more than US$ 40 billion in 1989 (the crash of 1987 had little impact on Franklin's income and bond funds). In October 1992, Franklin acquired Templeton, Galbraith & Hansberger Ltd. for

476-592: The 68th is the 88th. The Democratic Party accused the developer of misleading; the Consumer Council recognised the accepted common practice of skipping the 13th and 14th floors, but suggested that developers "imaginary heights brought back to earth." Lee Shau Kee argued that buyers liked the numbering scheme. A 40-storey building developed in 1998. Franklin Templeton Investments Franklin Resources, Inc.

510-607: The Decade" among fund families over the ten-year period ending in 2008. In 2013, Charles Johnson retired as chairman and his son Greg Johnson became chairman of the board, CEO and president. In 2019, the firm acquired Benefit Street Partners, an alternative credit investment group. In 2020, Jenny Johnson became CEO and President of the firm and Greg Johnson became Executive chairman. In July 2020, Franklin Templeton acquired Legg Mason, Inc. and its multiple specialist investment managers, establishing Franklin Templeton as one of

544-804: The Templeton Growth Fund, Inc. (opened 1954), the Mutual Shares fund (opened 1949), and the Mutual Discovery Fund (opened 1992) and the Templeton Growth (Euro) Fund. The Franklin Income Fund (FKINX) is a mutual fund in Morningstar's "conservative allocation" category and "large/value" style box. The fund was created in 1948 and has paid uninterrupted dividends for 60 years. The Franklin Income Fund

578-536: The acquisition. The deal was completed in January 2024. In August 2023, Bloomberg News reported that Franklin Templeton executives in China were mandated to attend courses on Xi Jinping Thought . Franklin Templeton has 455 open-ended mutual funds and seven closed-end funds . Included in these are 27 state and federal tax-free income funds, an area of investment pioneered by Franklin. Prominent funds include

612-415: The buyout. Nevertheless, this second offer was again rejected, more narrowly this time, by 10.94% of the minority vote. This was in excess of the statutory blocking vote of 10%. When trading in both companies' shares were suspended on 26 March, there was speculation that the company would launch another buyout attempt after the expiry of the one year legal moratorium. On 27 March 2007, it was reported that

646-485: The company acquired Winfield & Company, a San Mateo , California-based investment firm, and moved Franklin's offices from New York to California. The combined organization had close to US$ 250 million in assets under management and approximately 60 employees. In 1979, Franklin Money Fund began a growth surge that made it Franklin's first billion-dollar fund and launched the company's significant asset growth in

680-490: The company paid. Zhaotian sued in Hong Kong in 2012, claiming an oral agreement between Tian Chenggang and CFO Alexander Au for a HK$ 43 million "consultation fee", and failed upon appeal in 2015 due to the absence of documentary evidence of the agreement. The company's stakes in its principal associates as at 31 December 2014 were Towngas (41.51%), Miramar Hotel and Investment Co, Ltd (45.08%) and Hong Kong Ferry (33.33%). As at 31 December 2014, Henderson Investment ("HI")

714-496: The company proposed to pay market value only to gain control of Towngas. It would acquire the 39.06 percent stake in Towngas held by subsidiary Henderson Investment for HK$ 42.86 billion in cash and convertible notes. Minority shareholders of Henderson Investment, who together hold 30.73%, would receive 204.1 million Henderson Land shares and HK$ 1.19 billion in cash. The offer was considered by analysts to be favourable to

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748-571: The company would not make another privatisation bid for the time being, but offered HK$ 12.1 billion for some of its subsidiary's assets, principally the holdings in Miramar Hotel and Hong Kong Ferry held by Henderson Investment. HI would make a special distribution of HK$ 5 per HI after the sale. Net of the HKD10.35 billion special distribution for its 73.5% stake, Henderson's net cash outlay will be $ 1.75 billion. On 3 October 2007,

782-583: The company's headquarters moved from New York to San Mateo, California . The company was founded in 1947 in New York by Rupert H. (Harris) Johnson Sr. (1900–1989), who ran a successful retail brokerage firm from an office on Wall Street. He named the company for American polymath Benjamin Franklin because Franklin espoused frugality and prudence when it came to saving and investing. The company's first line of mutual funds, Franklin Custodian Funds,

816-407: The company, and David Webb criticised the deal saying Henderson was acquiring the stake on the cheap, without paying any control premium to minority shareholders of Henderson Investment. Webb further criticised the nature of the offer as a back-door privatisation of Henderson Investment, which would virtually be a shell company after the transfer of the stake. On 7 November, Henderson sweetened

850-539: The development was launched in October 2009, the developer claimed to have sold a five bedroom duplex flat, on the "68th floor" of the 46-storey the building for HK$ 439 million (US$ 57m). The price, equating to US$ 9,200 per square foot, set the new world record for the most expensive apartment. Due to selective numbering, a total of 42 intermediate floor numbers are missing from 39 Conduit Road: these include 14, 24, 34, 64, all floors between 40 and 59. The floor above

884-408: The foreign-exchange regulations in the amount of HK$ 565 million. Henderson allegedly engaged Shenzhen Zhaotian Investments, headed by Tian Chenggang – whose father is former vice-premier Tian Jiyun – to lobby for leniency from the potential fine of 150 million yuan, according to Tian. On 4 December 2006, the company was issued with a fine of 2.33 million yuan (HK$ 2.9 million), which

918-500: The listing) due to investors' apprehension of financial engineering of the REIT. The estimated distribution yield stands at 10%, the highest among Hong Kong REITs. Yet, investors fear a decline of distribution after yield-boosting mechanisms, such as interest swaps. Henderson Land also offered a temporary dividend waiver as a sweetener. Yields are expected to fall in 2010, and again in 2012 as rental reversions come through. The issue's flop

952-475: The offer to appease minority shareholders (mainly Elliott Capital) by increasing the cash portion to HK$ 2.24 per share. On 7 December 2007, Henderson secured shareholders' support for the usurpation. On 8 December 2006, the company spun off and listed 12 office and 8 retail properties in Hong Kong into a Real Estate Investment Trust , Sunlight . However, the issue fell by 6.5% on its market début on 21 December, and as at March 2007 has fallen 16.2 percent (since

986-554: The share capital as of June 2015. Founded by Li Shau-kee, the company was taken public in 1981 by Sun Hung Kai Securities. The shares were introduced at HK$ 4 by a novel, geared, method – there was to be an initial downpayment of HK$ 1 per share upon subscribing to the offer, with cash calls of another HK$ 1 six months later. The final HK$ 2 instalment would be due at the year end. In 2006, the State Administration of Foreign Exchange (SAFE) found that Henderson had breached

1020-522: The world's largest independent, specialized global investment managers with a combined $ 1.4 trillion in assets under management (AUM) across one of the broadest ranges of high-quality investment teams in the industry. The combined footprint significantly deepens Franklin Templeton's presence in key geographies and creates an expansive investment platform that is well balanced between institutional and retail client AUM. In November 2021, Franklin Templeton announced its acquisition of Lexington Partners in

1054-458: Was 445th in the Fortune 500 , and 7th overall among securities companies. The same month, USA Today listed BEN stock as the top stock pick for the last 25 years based on returns, claiming it is up 64,224% since 1982. As of July 31, 2008, Franklin Resources, Inc. managed over $ 570 billion in total assets worldwide. In February 2009, Barron's Magazine called Franklin Templeton "King of

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1088-550: Was a 69.27% listed subsidiary of the company ( 67.14% as at 30 June 2006 ), which previously held the group stakes in the Hong Kong Ferry (Holdings) Company , the Miramar Hotel Group , and The Hong Kong and China Gas Company . Its shares have been consistently trading at below NAV. In November 2002, the company attempted to buy out minority shareholders by making an all-cash offer of HKD 7.60, representing

1122-432: Was a series of conservatively managed equity and bond funds designed to appeal to most investors. After Rupert Sr. retired, his son, Charles B. Johnson (Charlie), took over as president and chief executive officer in 1957 at age 24. At that time, the funds had total assets under management of US$ 2.5 million. Rupert Johnson Jr. , Charlie's brother, joined the company in 1965. Franklin went public in 1971. In 1973,

1156-466: Was cited as the reason Regal Hotels International chose to delay its own planned REIT offering. Beverly Hill ( Chinese : 比華利山 ) is an upper class private housing estate in Happy Valley, Hong Kong , jointly developed by Henderson Land Development and Hang Lung Properties in 1988. It has ten 37-storey residential blocks built at a very steep slope of Broadwood Road and Link Road. In

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