Franklin Templeton is restructuring its senior leadership team as it deepens its expansion into private markets, according to the Financial Times.

CEO Jenny Johnson will remain in her role but step aside as president, with Daniel Gamba, Terrence Murphy, and Matthew Nicholls appointed as co-presidents. Gamba, previously at BlackRock and most recently president of Northern Trust Asset Management, also takes on the newly created role of chief commercial officer, overseeing both public and private investment strategies.

The leadership changes establish a potential succession plan for Johnson, whose family founded Franklin Templeton in 1947, though she emphasised she has “no intentions of going anywhere.”

The $1.6tn asset manager has made alternatives a core focus, managing $260bn across private credit, private equity, and infrastructure. Recent acquisitions include Benefit Street Partners in 2019 and Lexington Partners in 2021, positioning Franklin Templeton as a significant player in secondaries and co-investments.

Johnson has advocated for broader retail access to alternatives, likening the trend to the rise of mutual funds, but warned that illiquid strategies require careful due diligence and suitability checks. “We need to ensure everybody has fair access to those markets, but they also need to understand the risks,” she told the FT.

The firm has faced challenges, including a fraud scandal at subsidiary Western Asset that contributed to record outflows last year. However, its shares have rebounded strongly, climbing about 50% since April.

Franklin Templeton joins rivals BlackRock, Invesco, and PGIM in expanding alternative offerings as asset managers seek higher-margin growth beyond public market products.

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