No. 7: Franklin Templeton Investments
Total mutual fund assets: $432.8 billion
Long-term assets: $412.2 billion
A sprawling giant in the broker-sold space, Franklin Templeton dominates the California municipal bond market. But savvy purchases have made it a formidable presence in international investing via the Templeton funds, and in value investing via the Mutual Shares brand. Last year, it dipped its toe into the smart-beta market, but its biggest offering remains the $82.1 billion Franklin Income (FKINX).