Franklin Templeton Investments Hires Drew Carrington to Head Defined Contribution Sales for US Institutional Marketplace
San Mateo, CA, September 26, 2013 – Franklin Templeton Investments today announced that Drew Carrington, CFA1, CAIA, a 25-year industry veteran, will join the firm as senior vice president and head of Defined Contribution - Institutional, based in San Mateo, CA. Carrington will focus on shaping and executing the firm’s sales and service strategy within the growing defined contribution investment-only (DCIO) segment of the US institutional market.
“Plan sponsors are increasingly shifting their focus from traditional defined benefit (DB) and defined contribution (DC) standalone plans to a more consultative approach in overall asset allocation,” said Scott Lee, CFA1, head of Institutional - US. “We are leveraging Drew’s extensive expertise in institutional asset management and consulting to augment and complement our current distribution efforts as the marketplace evolves.”
Carrington will report to Lee who leads Franklin Templeton Institutional’s team of 15 dedicated US institutional sales and relationship management professionals. In his new role, Carrington will collaborate with Lee and his colleagues to provide service to existing and prospective institutional clients and identify approaches designed to meet their evolving DC needs.
“Plan sponsors are viewing 401(k)s and other DC plans through an increasingly institutional lens. Franklin Templeton, which has served the institutional business for more than four decades, has the investments and servicing in place that institutional DC clients are increasingly seeking,” said Lee.
Carrington began his career in the financial services industry in 1988. He served as head of the Defined Contribution and Retirement Solutions Group at UBS Global Asset Management, focused on developing retirement approaches for DC plans, particularly in the target date and retirement income categories. Prior to that, as a senior fixed income portfolio manager, he worked closely with UBS’ Asset-Liability Investment Solutions team to design and implement the fixed income and duration overlay portions of asset-liability management strategies. Before joining UBS in 2005, he was a principal at Mercer Investment Consulting, where he worked with both public and private DB and DC clients.
Carrington is chair of the Retirement Income Committee of Defined Contribution Institutional Investment Association (DCIIA), a nonprofit association dedicated to enhancing the retirement security of American workers. He is a frequent speaker at industry conferences on retirement planning. He holds Chartered Financial Analyst® (CFA)1 and Chartered Alternative Investment Analyst (CAIA) designations and holds a bachelor of arts from Harvard University.
Franklin Templeton takes a comprehensive approach to serving the overall US defined contribution marketplace. Under the leadership of Yaqub Ahmed, senior vice president and head of Investment-Only Division - US, the company also serves financial intermediaries and providers that serve the advisor-sold defined contribution and variable annuity (VA) markets. Ahmed reports to Dan O’Lear, head of Retail Distribution - North America.
Franklin Templeton manages more than $80 billion in DC and VA assets across its US institutional and retail platforms.2
Franklin Templeton Institutional is a unit of Franklin Resources, Inc. [NYSE:BEN], 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, Bissett, Fiduciary Trust, Darby, Balanced Equity Management and K2 investment teams. The San Mateo, CA-based company has more than 65 years of investment experience and over $817 billion in assets under management as of August 31, 2013. For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.
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1. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
2. As of June 30, 2013.
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