John Templeton, a pioneer in global investment management and in the mutual fund industry, died of pneumonia today at a hospital in Nassau, Bahamas, confirmed Pamela Thompson, spokeswoman at the John Templeton Foundation. He was 95.
Mr. Templeton founded the John Templeton Growth Fund in 1954, at a time when most investors did not look beyond U.S. borders. For people interested in investing, hell be remembered for pioneering global investing, said Lauren Templeton, a principal at Lauren Templeton Capital Management. She described her great-uncle as her mentor.
In 1992, he sold his firm, Templeton, Galbraith & Hansberger, to Franklin Resources and devoted his time to philanthropy. The $1.5 billion John Templeton Foundation, West Conshohocken, Pa., supports research and educational initiatives involving science, religion, charter development and freedom. The foundation was where his heart was, Ms. Templeton said.
In 1999, Money Magazine called him arguably the greatest stock picker of the century, according to a biography of Mr. Templeton on the Franklin Templeton Investments website. (Franklin Resources Franklin Group of Funds was renamed Franklin Templeton Investments after the acquisition.)
He would want to be remembered for the good work the foundation did, Ms. Templeton said.
Services, to be held in Nassau, will be private.