Franklin Resources, Inc. (Franklin) is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment choices under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names. The Company operates in two segments: investment management and related services, and banking/finance. Its investment management and related services provides services to investment funds in jurisdictions globally, which include the United States- and non-the United States-registered open-end and closed-end funds, unregistered funds, and institutional, high net-worth and separately-managed accounts. Its banking/finance segment provides clients with select retail banking, private banking and consumer lending services through its banking and finance subsidiaries. In November 2012, it acquired a majority stake in K2 Advisors Holdings LLC.