New York, N.Y., January 21, 2004 - Fiduciary Trust Company International announced today that Jeffrey M. Applegate has been named chief investment officer.
Mr. Applegate, age 53, succeeds Jeremy H. Biggs, who served Fiduciary Trust as CIO since 1978. Mr. Biggs, age 68, will remain with the company as a vice chairman and continue to manage key relationships. We are enormously indebted to Jeremy, who has devoted more than 25 years to this firm, said Anne M. Tatlock, chief executive officer of Fiduciary Trust. All of us have benefited from his incisive thinking as CIO and I am glad he will remain at the firm and continue to work with us and our clients.
Mr. Applegate said: I have long respected Fiduciary Trust's client-oriented culture and I have known several members of its senior management for some time. This is a unique opportunity for me to return to the buy-side of the investment business at a firm that combines strong investment talent with a tradition of stability and continuity.
As chief investment officer, Mr. Applegate will be responsible for providing overall investment direction for Fiduciary Trust, including the firm's institutional and high net worth businesses. He will chair Fiduciary's Global Investment Committee and Investment Policy Committee and will join the Management Committee as well. Jeff will report to William Y. Yun, president of Fiduciary Trust.
"Jeff's investment philosophy and experience in global markets are an ideal fit with those of Fiduciary Trust," said Mr. Yun. "He is firmly committed to the view that a top-down, bottom-up framework is a crucial component of successful equity and fixed income investing. He also provides an expertise in political economy that complements Fiduciary's global investment capabilities and perspective," he added.
Jeremy Biggs said, "Jeff Applegate and I share both our approach to investing and our near and longer term outlooks. We view the U.S. economy in particular as vibrant and flexible - as its comeback from the period of excesses early this decade clearly shows. I am delighted that Jeff will be my successor as chief investment officer at Fiduciary Trust."
Jeff has spent the past thirty years in leadership positions with major institutions on Wall Street. Most recently, he led Jeffrey Applegate & Company, LLC, an independent research firm that provided financial services institutions with analysis of U.S. asset class returns and allocation, the impact of government economic policy on financial markets, forecasts of Federal Reserve Board policy, S&P 500 EPS estimates, and financial and real economy leverage analysis.
Prior to forming his own company, Jeff was the chief investment strategist and chairman of the Investment Policy Committee for Lehman Brothers. Prior to joining Lehman Brothers, he was chief investment strategist of Credit Suisse First Boston. Before joining Lehman Brothers, he was president and chief executive officer of Shearson Lehman Institutional Asset Management, responsible for equity, balanced and fixed income account money management. Preceding that, Jeff was E.F. Hutton's chief investment strategist and political economist for Smith Barney, responsible for the firm's Washington, D.C. research unit. He began his career with H.C. Wainright & Company in 1974.
One of the world's oldest global investment firms, Fiduciary Trust Company International, founded in 1931, manages assets for institutional and individual investors through offices in New York, Miami, Los Angeles, Washington, D.C., Wilmington, London, Geneva, Hong Kong, Melbourne, Tokyo and Grand Cayman. For more information on Fiduciary Trust, please visit www.ftci.com.
Fiduciary Trust Company International is a member of Franklin Resources, Inc. [NYSE:BEN], a global investment organization operating as Franklin Templeton Investments. Franklin Templeton provides global and domestic investment management services through its Franklin, Templeton, Mutual Series and Fiduciary Trust subsidiaries. The San Mateo, CA-based company had over $336 billion in assets under management as of December 31, 2003. For more information, visit www.franklintempleton.com.
