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Franklin Templeton and BSP Complete Transaction to Expand Asset-Backed Finance Platform
Franklin Templeton and Benefit Street Partners, BSP, have completed a transaction with Encina Lender Finance that expands BSP's asset-backed finance platform. As of September 30, 2026, Franklin Templeton managed $1.8T in assets, including over $300B in alternative assets, of which approximately $97B is managed by BSP. Under the terms of the transaction, a new fund backed by Franklin Templeton and BSP-affiliated funds acquired an initial seed portfolio with approximately $480M of commitments originated by Encina. In addition, a 14-person investment team from Encina joined BSP and will continue to manage and originate investments through the strategy.
Franklin Templeton Reports September AUM Decrease to $1.79T
Franklin Templeton reported preliminary month-end assets under management, or AUM, of $1.79T at September 30, compared to $1.83T at August 31. This month's decrease in preliminary AUM reflected the negative impact of markets, partially offset by long-term net inflows of $6B. For the quarter ended September 30, preliminary AUM reflected the negative impact of markets, partially offset by long-term net inflows of $21B. Preliminary average AUM for the quarter was $1.8T.
Franklin Templeton Acquires Majority Stake in Stoneshield Capital
Franklin Templeton has entered into a definitive agreement to acquire a majority stake in Stoneshield Capital. The transaction will triple Clarion's European AUM to $13B, increase Clarion's total AUM by 12% to $82B, and bring Franklin Templeton's total Alternatives AUM to over $300B. Stoneshield is a leading European sector-specialist real assets manager with $9B under management. The firm's investment strategies are thematic and focused on supply-constrained sectors, including living & student housing, digital infrastructure, science & innovation, hospitality, and critical infrastructure. With the addition of Stoneshield, Clarion's European presence is reinforced, augmenting its existing focus on institutional logistics and net leased assets with Stoneshield's digital, living, and industrial storage capabilities. Stoneshield's investment products include a series of closed-end diversified opportunistic funds, as well as an investment platform focused specifically on the student housing and living sectors. The firm also has strategic ownership positions in several of Europe's leading and fastest-growing real asset platforms, including MiCampus, one of Europe's largest purpose-built student accommodation platforms; Solaria, a leading European renewable energy and AI infrastructure developer; Exolum, a leading owner and operator of critical energy infrastructure serving the liquid fuels industry; Neinor Homes, the largest homebuilder in Spain, and Melia Hotels International, one of the world's largest hotel groups. Stoneshield will become Clarion's dedicated opportunistic investment platform in Europe, maintaining its office locations in Spain, Portugal, Ireland, UK, and Luxembourg. As part of the transaction, co-founders Juan Pepa and Felipe Morenes remain committed to leading Stoneshield over the long term, retaining responsibility for the firm's investment strategy, growth, and day-to-day operations. Working closely with the broader Clarion Partners and Franklin Templeton organizations, they will also play a central role in expanding the firm's European real assets platform, developing new investment strategies across their areas of expertise, and creating innovative products for institutional and wealth clients globally. Together, they will continue to pursue strategic growth opportunities through new investment themes, geographic expansion, and selective acquisitions. The transaction is expected to close in the fourth calendar quarter of 2026, subject to customary closing conditions, including the completion of certain regulatory filings.
Major Averages Decline Ahead of Long Weekend Due to Jobs Report
The major averages closed broadly lower ahead of the long weekend as traders reacted to the stronger-than-expected August jobs report. Nonfarm payrolls rose 162,000, well above the roughly 55,000 consensus estimate and a sharp rebound from July. The unemployment rate held at 4.1%, while labor-force participation edged up to 61.6%, suggesting the labor market remains more resilient than the weak July report had indicated. Treasury yields rose following the report, with the two-year yield reaching its highest level since January 2025.Meanwhile, President Donald Trump took to Truth Social after the report came out, suggesting the "great" jobs report should lead to lower interest rates. "We should have the LOWEST RATE of any country in the World," he said.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Lululemonreportedand cut its FY26 earnings outlookTeslashares were lower following the, with Wells Fargo saying the event likely fell short of investor expectationsAdobeannounced that Anil Chakravarthy, president of Adobe's Customer Experience Orchestration business and worldwide field operations, will become Adobe'sEquifaxand TransUnionslipped after Bill Pulte, the U.S. Director of Federal Housing, stated in a post last night to X: "Equifax, Experian, and TransUnion have been"Oxford Industriesreportedand provided a conservative outlook for Q32. WALL STREET CALLS:Shellto Overweight at Morgan Stanley, saying the share concerns are being addressedBairdSonidaon favorable senior housing backdropBairdDuluth Holdingsto Neutral from OutperformCanaccordUiPathto Hold from BuyAmbarellato Hold from Buy at Craig-Hallum3. AROUND THE WEB:Netflixhas raised prices for U.K. plans, Deadline reportsA judge has rejected Altria'sclaim that the U.S. International Trade Commission's patent-based import investigations are unconstitutional, Bloomberg reportsEarly production of Apple'sfoldable iPhone is currently restricted to only a "few hundred" units per day, Nikkei saysThe U.S. Federal Communications Commission has asked a court to toss out Disney'slawsuit looking to prevent the agency's early review of licenses for its eight company-owned ABC stations, Reuters saysBlue Owl Capitalis seeking to create a real estate investment trust for data centers and take it public, Bloomberg reports4. MOVERS:Samsaragained after, providing guidance for Q3, and increasing its outlook for FY27UMCincreased in New York afterFranklin Resourceswas higher after reporting preliminaryGuidewirefell afterand providing guidance for Q1 and FY27Asanawas lower afterand reaffirming guidance for FY265. EARNINGS/GUIDANCE:Concrete Pumpingand raises guidance for FY26Torrid, with EPS beating consensusZscaler, with CEO Jay Chaudhry calling AI "one of the most significant opportunities in Zscaler's history"DocuSignand provided guidance for Q3 and FY27Planet Labsand raised its outlook for FY27INDEXES:The Dow fell 271.86, or 0.51%, to 53,414.25, the Nasdaq lost 77.07, or 0.29%, to 26,506.99, and the S&P 500 declined 29.11, or 0.38%, to 7,718.60.
Major Averages Broadly Lower as Jobs Report Impacts Markets
The major averages were broadly lower near noon, curtailing some of yesterday's sharp gains as traders react to the August jobs report, which could play a major role in determining whether the Federal Reserve raises interest rates later this month.The August jobs report came in much stronger than expected, with nonfarm payrolls rising 162,000, well above the roughly 55,000 consensus estimate and a sharp rebound from July. The unemployment rate held at 4.1%, while labor-force participation edged up to 61.6%, suggesting the labor market remains more resilient than the weak July report had indicated. Treasury yields rose following the report, with the two-year yield reaching its highest level since January 2025.Meanwhile, President Donald Trump took to Truth Social after the report came out, suggesting the "great" jobs report should lead to lower interest rates. "We should have the LOWEST RATE of any country in the World, like 'the old days,'" he said.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Lululemonreportedand cut its FY26 earnings outlookTeslashares were lower following the company's, with Wells Fargo saying the event likely fell short of investor expectationsAdobeannounced that Anil Chakravarthy, president of Adobe's Customer Experience Orchestration business and worldwide field operations, will become Adobe'sEquifaxand TransUnionwere slipping after Bill Pulte, the U.S. Director of Federal Housing, stated in a post last night to X: "Equifax, Experian, and TransUnion have been"Oxford Industriesreportedand provided a conservative outlook for Q32. WALL STREET CALLS:Shell (SHEL)to Overweight at Morgan Stanley, saying the share concerns are being addressedBairdSonidaon favorable senior housing backdropBairdDuluth Holdingsto Neutral from OutperformCanaccordUiPathto Hold from BuyAmbarellato Hold from Buy at Craig-Hallum3. AROUND THE WEB:Early production of Apple'sfoldable iPhone is currently restricted to only a "few hundred" units per day, Nikkei saysNotre Dame alumni and fans have been divided by a deal with SoFi, which will see athletes in all sports wearing the company's logo near the shoulder of their jerseys, NYT reportsThe U.S. Federal Communications Commission has asked a court to toss out Disney'slawsuit looking to prevent the agency's early review of licenses for its eight company-owned ABC stations, Reuters saysMany Starbuckscustomers are complaining on Reddit and store sites about the company's new chai formula, as well as signing petitions to bring back the original, following a menu refresh, WSJ reportsBlue Owl Capitalis seeking to create a real estate investment trust for data centers and take it public, Bloomberg reports4. MOVERS:Samsaragains after, providing guidance for Q3, and increasing its outlook for FY27UMCincreases in New York afterFranklin Resourceshigher after reportingas of August 31Guidewirefalls afterand providing guidance for Q1 and FY27Asanalower afterand reaffirming guidance for FY265. EARNINGS/GUIDANCE:Concrete Pumpingand raises guidance for FY26Torrid, with EPS beating consensusZscaler, with CEO Jay Chaudhry calling AI "one of the most significant opportunities in Zscaler's history"DocuSignand provided guidance for Q3 and FY27Planet Labsand raised its outlook for FY27INDEXES:Near midday, the Dow was down 283.45, or 0.53%, to 53,402.66, the Nasdaq was down 101.79, or 0.38%, to 26,482.27, and the S&P 500 was down 28.19, or 0.36%, to 7,719.52.
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