NYSE US 100
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11.05.2005 01:40:00
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Franklin Templeton Investments Announces New CIO at Franklin Mutual Ad
Business Editors
SAN MATEO, Calif.--(BUSINESS WIRE)--May 10, 2005--Franklin Templeton Investments today announced that Peter Langerman will assume the role of CIO for Franklin Mutual Advisers (Mutual Series) following David Winters' resignation. Peter Langerman rejoined the company in April as CEO and Chairman of Mutual Series.
Langerman has over 16 years of experience employing Mutual Series' unique deep value approach focused primarily on undervalued stocks, as well as opportunities in distressed securities and arbitrage. The investment strategy and style will not change under Langerman's leadership.
Langerman originally joined Heine Securities Corporation (predecessor of Franklin Mutual Advisers, LLC) in 1986. He served as CEO of Franklin Mutual Advisers beginning in 1998 and chairman of the fund boards beginning in 2001, before leaving in 2002 and serving as director of New Jersey's Division of Investment, overseeing employee pension funds.
"David did a fine job carrying on the Mutual Series investment tradition and we wish him well," said Peter Langerman. "I am a true believer in the unique value investment strategy we employ here at Mutual Series and I look forward to carrying on that tradition. We have a great team of experienced managers and analysts and we look forward to continuing to deliver strong and consistent performance to our shareholders."
Supporting Peter Langerman is an experienced team of 14 portfolio managers and analysts with an average of over 12 years of industry experience.
Franklin Resources, Inc. (NYSE:BEN) is a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions with its Franklin, Templeton, Mutual Series and Fiduciary Trust teams. The San Mateo, CA-based company has over 50 years of investment experience and over $409 billion in assets under management as of April 30, 2005. For more information, please call 1-800/DIAL BEN(R) or visit franklintempleton.com.
Forward-Looking Statements:
Statements in this press release regarding Franklin Resources, Inc., which are not historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that could cause the actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. These and other risks, uncertainties and other important factors are described in more detail in Franklin's recent filings with the U.S. Securities and Exchange Commission, including, without limitation, the "Risk Factors" section of the Management's Discussion and Analysis of Financial Condition and Results of Operations in Franklin's Annual Report on Form 10-K for the fiscal year ended September 30, 2004, and Franklin's Form 10-Q filings.
| -- | Strong competition from numerous and sometimes larger companies with competing offerings and products could limit or reduce sales of our products, potentially resulting in a decline in our market share, revenues and net income. |
| -- | Changes in the distribution channels on which we depend could reduce our revenues and hinder our growth. |
| -- | The amount or mix of our assets under management are subject to significant fluctuations and could negatively impact our revenues and income. |
| -- | Our increasing focus on international markets as a source of investments and sales of investment products subject us to increased exchange rate and other risks in connection with earnings and income generated overseas. |
| -- | Poor investment performance of our products could affect our sales or reduce the level of assets under management, potentially negatively impacting our revenues and income. |
| -- | We could suffer losses in earnings or revenue if our reputation is harmed. |
| -- | Our future results are dependent upon maintaining an appropriate level of expenses, which are subject to fluctuation. |
| -- | We face risks, and corresponding potential costs and expenses, associated with conducting operations and growing our business in numerous foreign countries. |
| -- | Our ability to successfully integrate widely varied business lines can be impeded by systems and other technological limitations. |
| -- | Any significant limitation or failure of our software applications and other technology systems that are critical to our operations could constrain our operations. |
| -- | Our inability to successfully recover should we experience a disaster or other business continuity problem could cause material financial loss, loss of human capital, regulatory actions, reputational harm or legal liability. |
| -- | Our ability to meet cash needs depends upon certain factors, including our asset value, credit worthiness and the market value of our stock. |
| -- | Certain of the portfolios we manage, including our emerging market portfolios, are vulnerable to market-specific political, economic or other risks, any of which may negatively impact our revenues and income. |
| -- | Our revenues, earnings and income could be adversely affected if the terms of our investment management agreements are significantly altered or these agreements are terminated by the funds we advise. |
| -- | Diverse and strong competition limits the interest rates that we can charge on consumer loans. |
| -- | We are subject to extensive regulation domestically and abroad. |
| -- | Regulatory or legislative actions and reforms, particularly those specifically focused on the mutual fund industry, could adversely impact our assets under management, increase costs and negatively impact our profitability and future financial results. |
| -- | Civil litigation arising out of or relating to recently settled governmental investigations or other matters as well as the legal risks associated with our business could adversely impact our assets under management, increase costs and negatively impact our profitability and/or our future financial results. |
| -- | We depend on key personnel and our financial performance could be negatively affected by the loss of their services. |
CONTACT: Franklin Templeton Investments Matt Walsh, 650-312-2245 (Corporate Communications) franklintempleton.com
KEYWORD: CALIFORNIA INDUSTRY KEYWORD: BANKING MANAGEMENT CHANGES SOURCE: Franklin Templeton Investments
Copyright Business Wire 2005
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