Neil Cochrane was named CEO of Franklin Templeton NIB Asset Management, formed when Franklin Templeton paid $27 million to take a 50% stake in South Africa money manager NIB Asset Management, which has 22 billion rand ($3.1 billion) in assets under management. Mr. Cochrane was CEO of NIB.
Richard Anderson will be chief investment officer of the new firm, and Carey Millard will be head of business development. Mr. Anderson was CIO at NIB, while Mr. Millard was head of NIBs mutual fund business. Franklin Templeton will nominate the merged firms COO, said Mr. Cochrane. Other executives will be appointed over the next few weeks.
Franklin Templeton presidents Chuck Johnson and Mark Mobius have been appointed to the board of directors, along with Michael Katz, chairman of Nedcorp Investment Bank and Franklin Templeton NIB Asset Management.