The US-listed firm says it is one of the largest managers globally of alternative investments (private equity, VC, private credit, real estate and others).

Franklin Templeton has appointed George Stephan to the newly-created role of global chief operating officer for its wealth management business for alternative investments. 

Stephan, who reports to Adam Spector, the firm’s executive vice president and head of global distribution, will drive strategy in addition to advisor education for the alternative investments business in the private wealth channel.

Prior to this, Stephan spent five years at Kohlberg Kravis Roberts & Co as the head of strategy and business development for the firm’s global client solutions business. Before that, he was COO and head of investor relations for KKR’s Global Wealth Solutions business in the Americas. Prior to joining KKR, Stephan spent nine years at Morgan Stanley’s wealth management division.

Franklin Templeton said it is one of the largest managers in alternative assets globally, with about 16 per cent ($264 billion) of the firm’s $1.65 trillion in assets under management as of June 30, 2024. 

The firm has had its share of troubles this year, suffering a sharp drop in its shares – contrasting with gains in the wider market. It is reportedly suffering the heaviest quarter for outflows in its history, with weak returns and reputational damage to its largest subsidiary adding to its woes. The US-headquartered group, which manages $1.7 trillion in assets, announced in August that the co-chief investment officer of its largest subsidiary had been put on leave amid a probe by the Securities and Exchange Commission. 

The firm reports quarterly figures on 4 November.