Deutsche throws in the towel on Franklin Resources

• Deutsche Bank downgrades Franklin Resources (BEN +0.9%) to Hold from Buy, with a new price target of $40, down from $44.
• BEN is lower by nearly 30% YTD amid a continuing exodus of money out of actively-managed funds and into ETFs.
• The company last night reported total AUM of $770.9B - down 14% from a year ago. Equity AUM of $312.9B fell 15.7%.
• Previously: Asset slide continues at Franklin Management (Oct. 8)