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A penny saved is a penny earned Hoping to capitalize on Benjamin Franklin's thrifty reputation, Rupert S. Johnson, Sr. founded Franklin Distributors in San Mateo, California in 1947. Today, Franklin Resources, Inc. is the largest publicly traded mutual fund company in the world, with $220 billion under management at the beginning of 1999. Franklin leads the U.S. in bond funds, and was the first money management company to be added to the S&P 500. Known as the pioneer of tax-free state bonds, Franklin avoids equity, focusing on low-risk areas such as bonds. The firm is also a leader in international funds. Steady growth Unlike many other funds, Franklin sells through stockbrokers rather than directly to the public. Charles Johnson, the son of the firm's founder, has been at the company's helm since 1958, and is largely credited with the firm's impressive growth. Franklin went public in 1970; at the beginning of 1999, the firm had nine million shareholder accounts in 238 different funds. Recent expansion efforts have added a touch of aggressiveness to the firm's traditional conservative investing touch. These include the 1992 acquisition of Templeton, Galbraith and Hansberger, Ltd., a leader in international equity investing known for finding out-of-favor stocks believed to be undervalued. In 1996, Franklin merged with Heine Securities Corporation, strengthening the firm's equity fund offerings. Recent troubles Franklin suffered a difficult year in 1998, when income dropped to $68 million, from $130 million in 1997. The firm attributed much of its troubles to the fiscal crisis in Asia. In January 1999, the firm laid off 7 percent of its workforce, cutting 450 employees in its San Mateo headquarters and 560 overall. These cuts came as the result of a consolidation of clerical operations such as transaction processing; no investment management jobs were lost.
To find out about job opportunities at Franklin, check out the Human Resources section of Franklin's web site, or go directly to the company's Career Opportunities web site at www.frk.com/careers, which allows job seekers to search for openings and descriptions. Send or fax resumes to human resources at (800) 736-2425 or (650) 525-7646, or apply with the firm's online form. Franklin offers a Management Training Program (MTP) for entry-level employees. The program is designed to expose employees to different functions, and is split into two sub-programs, the finance and information program and the corporate program. Each sub-program is further split into different tracks, such as the finance and accounting track and the information technology track.
A challenging environment "When I think of Franklin," says one insider, "a few words come to mind - 'absorbing,' 'high stress,' 'fun,' 'hard work.'" This challenging environment leads to a culture comprised of go-getters. Says one contact: "The people I work with are a great bunch of people - very sharp." Franklin employees note the pay is competitive, and "the experience you can gain is great." Perks include "full medical and dental coverage," and 100 percent tuition reimbursement for employees taking courses related to their work. Good training Employees note there is "lots of opportunity" at Franklin. According to one employee, the best route for recent college grads is through the Management Training Program: "It is a two-year program where you rotate through various departments every four months, and during the last several months of the program you hope to find a department that you like, and will take you on permanently." Says another insider about the program: "It's well regarded by our competitors who often hire former Franklin MTs because it's such a cost effective way to get good management material."
Human Resources (888) 264-JOBS (800) 736-2425
Investment management;Underwriting and distribution;Shareholder servicing
American Century;Fidelity;T. Rowe Price;Vanguard Group More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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