Franklin Templeton selects FIS for global transfer agency services
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Franklin Templeton selects FIS for global transfer agency services 17 November 2021UK Reporter: Jenna Lomax
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Franklin Templeton has selected FIS to operate its global transfer agency (TA) services.
FIS will assume operation of Franklin Templeton’s global transfer agent function as a sub-agent or delegate depending on the jurisdiction.
The combination of the two companies' technologies will form a TA global offering that will deliver a client service for Franklin Templeton fund shareholders and financial professionals.
For FIS, the partnership aligns with its focus on expanding its business process as a service offerings, as well as accelerating its reach into new markets across Canada, Europe and Asia Pacific.
The partnership will also allow the company to broaden the TA services it provides to investment managers and asset servicers, including investor servicing and record keeping across multiple product types and jurisdictions.
The agreement will allow Franklin Templeton, which manages $1.56 trillion in assets globally, to continue to focus on its core business of investment management.
In connection with the transaction, Franklin Templeton will transfer the rights to certain aspects of its intellectual property to FIS, including solutions supporting the ability to provide multi-jurisdictional international TA services.
Franklin Templeton will remain the named transfer agent or central administrator globally and will oversee FIS in the provision of its services as its sub-agent or delegate, depending on the local jurisdiction.
As part of this strategic partnership, approximately 1,450 Franklin Templeton employees across Asia Pacific, Canada, Europe, and the US will be given the opportunity to join FIS.
All Franklin Templeton transfer agent employees affected by this change will be given job opportunities. Most will have the opportunity to work directly for FIS, and others will remain at Franklin Templeton as part of a redesigned team.
Alok Sethi, executive vice president of technology and operations at Franklin Templeton, says: “We’re pleased to be partnering with FIS, which will enable us to take our service delivery model to the next level. We are excited to bring the benefits of this transaction to our clients through a phased transition across investment strategies and geographies over the next year to ensure a seamless experience.”
Nasser Khodri, head of capital markets at FIS, comments: “With the additional capabilities FIS has acquired as part of this partnership, the asset management and servicing community now has a modern, technology driven choice for global TA services, backed by the commitment and stability of FIS. We look forward to welcoming the Franklin Templeton team members who will join FIS as an essential part of our business.”
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