How Big Is Franklin Templeton's Canvas App?

Jenny Johnson says the Canvas application was about two and a half billion when acquired and is now 30 billion, probably four years later.

Lexington has more than doubled since the acquisition. Clarion Partners, the real estate manager, has more than doubled. BSP was 26 billion at the purchase. After a couple of other acquisitions, private credit is just under 100 billion.

A lot of people are skeptical that a traditional asset manager can fit culturally with private markets teams, because compensation structures differ. The fit has worked really well. Wealth-channel expertise has helped the expansion, because a wealth sale is very different from an institutional sale.