Franklin Templeton, the U.S.-based investment management firm that manages USD1.56trn in assets globally, has agreed with FIS, the U.S. based fintech, that FIS will assume operation of Franklin Templeton’s global TA function as a sub-agent or delegate, depending on the jurisdiction. All Franklin Templeton TA employees affected by this change will be given job opportunities. Most will have the opportunity to work directly for FIS, and others will remain at Franklin Templeton as part of a redesigned team. Approximately 1,450 Franklin Templeton employees across Asia Pacific, Canada, Europe, and the U.S. will be given the opportunity to join FIS.
Under the terms of the agreement, Franklin Templeton will remain the named transfer agent or central administrator globally and will oversee FIS in the provision of its services as its sub-agent or delegate. Franklin Templeton said that a contributing factor to this decision was its acquisition of Legg Mason in 2020, which triggered the need for a single TA platform.