Franklin Templeton is promoting Dr. Sonal Desai to CIO of its fixed income group (FTFIG) and executive vice president from 31 December, replacing Chris Molumphy who retires after more than 30 years with the firm.
Currently serving as senior vice president and director of research for Templeton Global Macro (TGM), Desai will be responsible for overseeing Franklin Templeton's traditional fixed income offerings.
She will have oversight of the teams and fixed income strategies across corporate credit, emerging markets debt, bank loans, global aggregate, securitised, money market, multi-sector, municipal and local. As of 30 June, FTFIG employed 159 investment professionals globally and managed a total of $157bn in AUM.
Since joining Franklin Templeton in 2009, Desai has been a portfolio manager on a number of the firm's global fixed income funds alongside Michael Hasenstab, most notably including the Templeton Global Bond and Templeton Global Total Return funds.
Dr. Calvin Ho, who is also being promoted from deputy director of research to director of research for TGM, will assume her portfolio management responsibilities.
Franklin Templeton said Desai would work closely with Molumphy in the coming months to ease the transition and details about specific portfolio management assignments in December.
Meanwhile, Hasenstab will continue to oversee TGM, serve as the economic advisor to the CEO of Franklin Resources and maintain all of his existing portfolio management responsibilities.
Franklin Templeton said the strategy and philosophy of £117bn TGM will remain the same.
The firm added: "We have one of the most expansive and innovative fixed income offerings available to clients around the world.
"With Sonal and Michael leading FTFIG and TGM, respectively, we are well positioned as a market leader in providing compelling fixed income investment choices to our clients globally."
Purchased for undisclosed sum
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