Franklin Templeton has appointed the chief executive of Martin Currie, Julian Ide, as its head of EMEA distribution as the fundhouse sets out its leadership structure ahead of its Legg Mason acquisition.
The US asset manager announced today (July 28) it would appoint Mr Ide as head of distribution for Europe, the Middle East and Asia once its acquisition of Legg Mason completes, expected later this week.
Mr Ide will remain as chief executive of specialist investment firm Martin Currie, a subsidiary of Legg Mason which is included in Franklin Templeton’s buyout.
Franklin Templeton said Mr Ide, who will report to the recently-announced head of global advisory services Adam Spector, would use his “vast experience in the investment management industry” to develop the organisation’s distribution strategy.
Mr Ide said: “Franklin Templeton is one of the world’s largest global asset managers with a strong investment focus, extensive value-add client partnerships and robust track records across many equity and fixed income asset classes.
“I am excited by the vision of the senior leadership team and the innovative culture to deliver an ambitious agenda in EMEA.”
The core facets of Martin Currie would remain unchanged post-merger with investment independence, Franklin Templeton said.
Elsewhere, Franklin Templeton’s Martyn Gilbey will continue to oversee the UK, Channel Islands, Ireland, Malta and Gibraltar in terms of distribution.
Penny Kyle is retaining her responsibilities as managing director of head office at Legg Mason Investments and over time will take on additional responsibilities as head of products, marketing and specialist sales for Franklin Templeton in EMEA.
Franklin Templeton announced earlier this year it would acquire rival firm Legg Mason to create a funds giant with £1.4trn of assets under management.
Legg Mason is listed on the New York Stock Exchange and operates in the UK via a series of subsidiaries, including Martin Currie.
By acquiring the business, Franklin Templeton is acquiring the various affiliates.
Franklin Templeton will pay $50 (£38) per share, equating to £4.1bn, and also take over $2bn (£1.5bn) of Legg Mason’s debt.
Jenny Johnson, chief executive of Franklin Templeton, said: “The acquisition of Legg Mason establishes Franklin Templeton as one of the largest independent, specialised global investment managers globally, with a newly-combined AUM that will be over $148bn (£114bn) in the EMEA region.
“I would like to welcome Julian on board and congratulate him on his appointment. His strength as a leader and experience in international markets positions him well to lead our combined business in EMEA.”
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