Franklin Templeton Investments has appointed Drew Carrington as senior vice president and head of defined contribution for US institutional marketplace.
Carrington will focus on shaping and executing the firm’s sales and service strategy within the growing defined contribution investment-only (DCIO) segment of the US institutional market.
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Scott Lee, head of Institutional – US, said: "Plan sponsors are increasingly shifting their focus from traditional defined benefit (DB) and defined contribution (DC) standalone plans to a more consultative approach in overall asset allocation.
"We are leveraging Drew’s extensive expertise in institutional asset management and consulting to augment and complement our current distribution efforts as the marketplace evolves," Lee added.
Carrington will report to Lee who leads Franklin Templeton Institutional’s team of 15 dedicated US institutional sales and relationship management professionals. In his new role, Carrington will collaborate with Lee and his colleagues to provide service to existing and prospective institutional clients and identify approaches designed to meet their evolving DC needs.
"Plan sponsors are viewing 401(k)s and other DC plans through an increasingly institutional lens. Franklin Templeton, which has served the institutional business for more than four decades, has the investments and servicing in place that institutional DC clients are increasingly seeking," said Lee.
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By GlobalDataCarrington began his career in the financial services industry in 1988. He served as head of the Defined Contribution and Retirement Solutions Group at UBS Global Asset Management, focused on developing retirement approaches for DC plans, particularly in the target date and retirement income categories.
Under the leadership of Yaqub Ahmed, senior vice president and head of Investment-Only Division – US, the company also serves financial intermediaries and providers that serve the advisor-sold defined contribution and variable annuity (VA) markets. Ahmed reports to Dan O’Lear, head of Retail Distribution – North America.
