Franklin Templeton Acquisition of Legg Mason to Expand Investment Options in Canada

From Franklin Templeton
Contact Sarah Kingdon
Telephone 416-957-6191

Duane Green Continues in Current Role as President and CEO of Franklin Templeton Canada
Andrew Ashton Expands his Current Role of Americas Ex-US Distribution Head

TORONTO, ON and SAN MATEO, CA – July 27, 2020 – As the deal completion for its acquisition of Legg Mason approaches, expected for July 31, 2020, Franklin Templeton outlines new opportunities and reaffirms the go-forward leadership structure for its Canada business.

With this acquisition, differentiated capabilities will be added to Franklin Templeton’s existing investment strategies, with modest overlap across multiple world-class specialist investment managers and distribution channels. The combined firm will bring added leadership and strength in core fixed income, active equities and alternatives—as well as 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.

A 16-year veteran of the firm, Duane Green will continue as President and CEO of Franklin Templeton Canada, with responsibility for all aspects of the Canada business. He will continue to report to Andrew Ashton, Head of Americas ex-US Distribution, which includes Canada, Latin America and Americas Offshore. 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.

Johnson added, “Andrew Ashton’s demonstrated leadership in various country and regional roles in his more than two decades with our firm—most recently with Americas ex-US for the past four years—uniquely positions him to continue to grow our Americas ex-US business, of which Canada is an integral part. Throughout their long tenure with our firm, both Andrew and Duane have maintained an unwavering focus on serving clients, which will continue to be crucial following this large-scale acquisition.”

Ashton said, “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. 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.”

Green said, “We will continue to focus on building strong partnerships with plan sponsors, consultants, advisors and other key intermediaries, and providing them with better communication, thought leadership and education to help them build their business. Our firm also maintains a steadfast commitment to providing high-quality investment solutions at competitive fees to help Canadian investors meet their financial goals.”

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 in Canada. 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.

About Franklin Templeton

Franklin Templeton Investments Corp. (known as Franklin Templeton Canada) is a subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. Franklin Templeton’s goal is to deliver better outcomes by providing global and domestic investment management to retail, institutional and sovereign wealth clients in over 165 countries. Through specialized teams, the company has expertise across all asset classes, including equity, fixed income, alternatives and custom multi-asset solutions. The company’s more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With employees in over 30 countries, the California-based company has more than 70 years of investment experience and over US$622 billion (over C$845 billion) in assets under management as of June 30, 2020. For more information, please visit franklintempleton.ca.

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