Franklin Templeton hires a 20-year veteran to spearhead its alternatives business in Asia across distributors and high net worth clients.
Richard Surrency joins the firm in the Singapore-based role reporting to Mark Browning, managing director for Asia. According to a release, Surrency will be responsible for developing country-level strategies and partner with investment groups to generate new product solutions in addition to distribution.
Currency has over 20 years of experience in the financial industry including his most recent role as managing director for capital strategy at Algebris Investments where he spent seven years. Previously, he also held senior regional roles with Morgan Stanley and Bank of New York Mellon.
Asia Alt Demand
According to Browning, the business continues to observe «increasing demand for alternative products from customers in Asia including our distribution partners and high net-worth clients». And Franklin Templeton has a wide array of alternatives capabilities across private credit, private equity, hedge fund solutions, commodities, real estate, infrastructure and venture capital strategies.
Still, the broader environment remains challenging especially due to an ongoing coronavirus pandemic which has caused many to slash growth expectations. Mergers and acquisitions in Asia ex-Japan backed by private equity – regional investors favorite alternative asset class – up until early February this year posted just $1.5 billion, the lowest since 2012, following a 13 percent decline in 2019.
