The directors of San Mateo, California-based Franklin Resources' funds voted to stop selling Class B shares on January 14.

No additional sales will be allowed to both new and existing investors. Investors with existing B shares can keep the shares or exchange them for other share classes, according to a Friday SEC filing.

"Sales trends for B shares continue to decline industry-wide ... and we expect that to continue moving forward…[w]e also believe more-simplified pricing alternatives are in everyone's best interest," Peter Jones, president of Franklin Templeton Distributors told the Wall Street Journal.

Earlier this year, another California-based firm, Hotchis & Wiley, ended B class share sales. 

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