The chief investment officer of Franklin Templeton subsidiary Balanced Equity Management will step down at the end of the year to be replaced by the team's lead analyst.
Balanced Equity Management (BEM) chief investment officer Andrew Sisson will vacate his dual role on 1 January 2019, with lead analyst and investment manager for financials Alastair Hunter announced as his replacement, according to a Franklin Templeton spokesperson.
“To date, Andrew Sisson has fulfilled the dual role of managing director/chief investment officer for BEM and he will continue in the role of Managing Director in a full-time capacity until at least the end of 2019,” the spokesperson told InvestorDaily.
Mr Hunter will retain his current position as well as become chair of BEM's peer review committee, which is comprised of investment managers and the chief investment officer who meet monthly to discuss their views on stocks.
Additionally, lead analysts and investment managers for resources/infrastructure and general industrials Andrew McGann and Joseph Livermore will share the role of deputy chief investment officer.
“We are pleased to confirm Andrew Sisson’s ongoing commitment to, and active involvement with, BEM going forwards,” Franklin Templeton’s spokesperson said.
“We view this change as a natural next step in the evolution of our succession planning strategy at BEM and are confident that this new structure provides a firm foundation for the investment decision-making process for the future.”
The spokesperson added that the succession planning had been an “ongoing process”.
A report by research house Morningstar noted that Mr Sisson was staying on until the end of the year to “help ease the transitions”.
“Sisson [had] previously indicated his intention to take a step back at an appropriate time, so the news doesn’t come as a surprise to us,” Morningstar said.
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