Franklin Templeton’s acquisition of U.S.-based Legg Mason will bring added leadership and strength in core fixed income, active equities and alternatives as it heads to completion of the deal on July 31, say company officials. The company also says it will focus on an expansion of multi-asset solutions capabilities, a key growth area for the firm amid increasing client demand for comprehensive, outcome-oriented investment solutions.
"The acquisition of Legg Mason will establish Franklin Templeton as one of the world's largest independent asset managers, with US$1.4 trillion in assets under management globally," said Jenny Johnson, president and CEO of Franklin Templeton.
Duane Green, a 16-year veteran of Franklin Templeton, will continue as president and CEO of Franklin Templeton Canada, with responsibility for all aspects of the Canadian business and will report to Andrew Ashton, head of Americas ex-US Distribution, which includes Canada, Latin America and Americas Offshore.
Ashton to take on new responsibilities
Ashton will take on additional responsibility for marketing and product strategy across the region, and he will report to the newly announced EVP, head of Global Distribution, Adam Spector.
"With this acquisition, we will have an unmatched collection of specialist investment managers with deep investment expertise globally across asset classes for all types of clients,” said Ashton. “With Duane at the helm of our Canadian business for the last three years, a 'new' Franklin Templeton in Canada has emerged, with a clear focus on understanding clients' challenges and providing them with tools to help Canadian investors build portfolios and plan for their future financial security."
New acquisition will help build business
Green said the company will focus on building strong partnerships with plan sponsors, consultants, advisors and other key intermediaries, providing them with better communication and education to help them build their businesses and provide high-quality investment solutions at competitive fees.
Green, who also continues to serve as president and CEO of Fiduciary Trust Company of Canada, a federally licenced trust company and private wealth boutique, joined Franklin Templeton Canada in 2004 and has held distribution leadership roles here. He had previously served as Managing Director - Canada, with responsibility for Canada's retail, institutional and high net worth distribution business.
Ashton joined Franklin Templeton in 1997 and has held distribution leadership roles in Central & Eastern Europe, Middle East and Africa (CEEMEA) and Asia. Prior to his current role, he headed the firm's global financial institutions group, with responsibility for strategic partnerships with global investment consultants and financial institutions, covering key gatekeepers and investment research teams across the full spectrum of Franklin Templeton's client partnerships around the globe.
