San Mateo and London, September 8, 2008 – Franklin Resources, Inc. (operating as Franklin Templeton Investments) (NYSE: BEN) today announced that David E. Smart has been named Global Head of Sovereign Funds and Supranationals, responsible for managing existing sovereign fund relationships, as well as expanding Franklin Templeton's sovereign funds and supranational client base globally. Mr. Smart, based in Franklin Templeton's London office, will report to Vijay Advani, executive vice president of Global Advisory Services, who oversees both retail and institutional distribution.
"Sovereign funds are one of the fastest growing pools of assets in the world and could rival the total worldwide pool of pension funds in size within five years," said Advani. "David has been working in the sovereign fund arena for more than 20 years. His longstanding international relationships and experience managing and advising supranational pension funds, combined with Franklin Templeton's global footprint, places us in an excellent position to tap into this estimated $13 trillion market."
"The growth of sovereign funds, which started in the Middle East in 1953, has become a global phenomenon which has stimulated the need for a dedicated group focused on the specialized needs and requirements of these funds," added Smart.
Mr. Smart's international experience spans a 26-year career. Prior to his most recent appointment, he was executive vice president of Franklin Templeton Institutional and head of the Europe, Middle East and Africa (EMEA) sales region. He joined Fiduciary Trust International in 1988 where he was a managing director responsible for fund management and institutional marketing initiatives in Europe and the Middle East. Following the acquisition of Fiduciary Trust by Franklin Templeton in 2001, Smart was appointed to various boards within Franklin Templeton and transitioned from European managing director to a more specialized institutional role within the larger group over a two-year integration period. His career began as a fund manager in Baring Brothers & Company's International Asset Management Division followed by a similar position with County NatWest Investment Management Limited Ltd. in London. Smart earned an M.A. in Classics from St. John's College, Cambridge.
Franklin Resources, Inc. [NYSE: BEN], is a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series, Fiduciary Trust, Darby and Bissett investment teams. The San Mateo, CA-based company has more than 60 years of investment experience and over $570 billion in assets under management as of July 31, 2008. For more information, please visit franklintempleton.com.
