Asset manager Franklin Templeton has selected fund services group FIS to assume operation of its global transfer agency (TA) function.
FIS will act as a sub-agent or delegate, depending on the jurisdiction.
According to a company statement, the two companies have jointly developed the technology that will be used for the TA offering.
The arrangement will also see some of Franklin Templeton’s TA staff work directly for FIS while others will remain with the fund manager as part of a redesigned team. The statement adds that “all transfer agent employees affected by this change will be given job opportunities”. Some 1,450 employees across the firm’s global operation will be given the chance to join FIS.
A contributing factor to the decision was Franklin Templeton’s acquisition of Legg Mason last year, said Alok Sethi, executive vice president of technology and operations at Franklin Templeton. “We have made it a priority to move the combined firm to a single transfer agent platform,” he said.