Franklin Templeton will combine recently acquired QS Investors with Franklin Templeton Multiasset Solutions business into a single consolidated unit, confirmed Stacey Coleman, a Franklin Templeton spokeswoman, in an email.
Effective Oct. 1, the combined business, called Franklin Templeton Investment Solutions, will consist of about 120 investment professionals overseeing more than $120 billion in multiasset strategies.
QS Investors was a Legg Mason subsidiary; Franklin Templeton acquired Legg Mason this year and the acquisitions closed July 31.
Ed Perks, chief investment officer of FTMAS, will lead the newly combined business as president and CIO.
Adam Petryk, president and CEO of QS Investors, was named executive vice president and head of solutions strategy and development. Wylie Tollette will remain executive vice president and head of client investment solutions but will now be responsible for leading portfolio management and client investment solutions functions within FTIS. Gene Podkaminer, currently senior vice president of multiasset research strategies within FTMAS, was named executive vice president and head of research at FTIS and will lead the combined fundamental and quantitative research teams.
The decision to combine the two firms was "driven by the executive management teams of those organizations," Ms. Coleman confirmed. There are currently no plans to combine other investment managers within Franklin Templeton.