Martin Currie’s chief executive officer, Julian Ide, will assume a senior role within Franklin Templeton’s EMEA distribution efforts as it nears the formal completion of its Legg Mason takeover.
Ide (pictured) will remain in his role of CEO for the specialist investment manager while also becoming head of EMEA distribution for the US giant. He will continue to be based in Edinburgh and reports to Adam Spector, who was named head of global advisory services this week.
The appointment of Ide comes in the same week that Franklin Templeton aims to complete the deal for rival Legg Mason, which was first announced in February. It is expected to be formally completed on 31 July.
The takeover, which is being undertaken with an all-cash consideration of $4.5bn, will create an entity with $1.48tn in assets, as at the end of June. The majority of Legg Mason-owned assets will be retained as ‘specialist investment organisations’, albeit with EnTrust Global opting to repurchase its business and remain independent.
Ide joined Martin Currie in 2018 as head of distribution and strategy, with responsibility for further broadening the firm’s global distribution capability across geographies and products. He was named CEO of the Legg Mason-owned group in March 2019.
Franklin Templeton said that, despite Ide’s addition responsibilities, the core facets of Martin Currie will remain unchanged. It will continue to have investment independence as well as institutional distribution and client service independence.
Ide assumes the role from Vivek Kudva, managing director for EMEA and India, who will be transitioning to a new role leading the distribution efforts in Asia Pacific and India, as of 1 August.
Among the other notable senior changes, former fund manager Penny Kyle will retain her responsibilities as managing director, head office at Legg Mason Investments (Ireland). Over time, she will take on additional responsibilities as head of products, marketing and specialist sales for Franklin Templeton in EMEA.