Franklin Portfolio Associates, LLC (FPA) was an asset management arm of The Bank of New York Mellon Corporation. The firm provides its services to public and private institutions, investment companies, state or municipal government entities, pension and profit sharing plans, pooled investment vehicles, charitable and non-profit organizations, corporations, wrap fee programs, and Taft-Hartley programs. It manages separate client-focused equity portfolios for its clients. The firm invests in the public equity markets across the globe. It typically invests in value stocks of small-cap, mid-cap, and large-cap companies. The firm employs a combination of a fundamental and a quantitative analysis with a bottom-up approach to stock selection. It has a disciplined investment process. The firm also employs a 130/130 long-short equity strategy and a market neutral long-short equity strategy as hedging techniques while making investments. It conducts in-house research to construct its investment portfolios. Franklin Portfolio Associates was founded in 1982 and was based in Boston, Massachusetts. As of January 1, 2009, Franklin Portfolio Associates was merged with Mellon Capital Management Corporation (MCM), a sister company of FPA under the BNY Mellon Asset Management umbrella. As of January 1, 2010 the heritage FPA Active Equity business was combined with that of heritage Mellon Capital. The same products and services offered at FPA have been re-branded under the MCM name.