Drew Carrington was named senior vice president and head of defined contribution at Franklin Templeton Investments, confirmed Stacey Coleman, a spokeswoman for Franklin Templeton.
It is a new position; Mr. Carrington starts work Sept. 30, Ms. Coleman wrote in an e-mail. He will be based in San Mateo, Calif.
Mr. Carrington “will focus on shaping and executing the firm’s sales and service strategy within the growing defined contribution investment-only segment of the U.S. institutional market,” Ms. Coleman wrote.
Mr. Carrington will report to Scott Lee, head of institutional-U.S., “who leads a team of 15 U.S. institutional sales and relationship management professionals,” she added. While Mr. Lee and his team have worked with DC institutional clients, Mr. Carrington gives Franklin Templeton “an experienced professional to focus specifically on this growing area of the business.”
Reached by phone, Mr. Carrington referred questions to Franklin Templeton Investments.
Ms. Coleman said Franklin Templeton manages more than $80 billion in institutional and retail defined contribution and variable annuity assets. The company doesn’t provide details on the size of its institutional DC business.
Mr. Carrington was president of DC Squared Retirement Consulting, a firm consulting to defined contribution service providers, since June. A month earlier, he left his job as managing director and head of defined contribution and retirement solutions at UBS Global Asset Management.
