Franklin Templeton Selects FIS to Operate Its Global Transfer Agency Services

Franklin Resources, Inc. [NYSE: BEN], a global investment management organization operating as Franklin Templeton, and financial technology leader FIS [NYSE: FIS] today announced that FIS will assume operation of Franklin Templeton’s global transfer agent (TA) function as a sub-agent or delegate, depending on the jurisdiction. The combination of top technology, built by both companies, will form a truly unique TA global offering that will deliver an enhanced client service experience to Franklin Templeton fund shareholders and financial professionals. 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. This will provide a seamless servicing transition for clients. For FIS, this partnership aligns with its focus on expanding its Business Process as a Service (BPaaS) offerings, as well as accelerating its reach into new markets across Canada, Europe and Asia Pacific.

“We’re pleased to be partnering with FIS, which will enable us to take our service delivery model to the next level,” said Alok Sethi, Executive Vice President of Technology and Operations at Franklin Templeton. “As with all of our decisions, the needs of our customers are always at the forefront, and we expect this change will best support their future servicing needs. A contributing factor to this decision was our acquisition of Legg Mason last year. We have made it a priority to move the combined firm to a single transfer agent platform, which will allow financial professionals and fund shareholders to purchase and exchange all of our funds with ease. 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.”

This agreement will allow Franklin Templeton, which manages $1.56 trillion in assets globally, to continue to focus on its core business of investment management to help its clients achieve their most important financial goals. For FIS, a global fintech provider with deep experience in U.S. TA services, it will allow the company to broaden the transfer agency services it provides to investment managers and asset servicers, including investor servicing and record keeping across multiple product types and jurisdictions. 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 transfer agency services and 529 college saving plan functionality.