U.S. asset manager Franklin Templeton has hired the former chief investment officer of the California Public Employee Retirement System as its chairman for Asia Pacific.
Franklin Templeton named Ben Meng as APAC chairman, according to a statement, effective July 15.
In the newly created role, Meng will join the firm’s executive committee and report to president and chief executive Jenny Johnson.
Prior to joining Franklin Templeton, Meng was a chief divestment officer for the California Public Employee Retirement System (Calpers), the largest U.S. pension fund, before he resigned in August 2020 in the midst of an internal review of possible conflict-of-interest violations. Meng was also previously the deputy chief investment officer for China's State Administration of Foreign Exchange (SAFE) between 2015 and 2018 which manages more than US$3 trillion of assets.
APAC Expansion
The top appointment in Asia occurs just one year after Franklin Templeton completed a merger with newly acquired Legg Mason to created a global asset manager with an estimated $1.5 trillion of assets.
The firm will look to expand in Asia with a particular focus on alternatives across private equity, venture capital and more.
«Our footprint across Asia, only enhanced and deepened since our acquisition of Legg Mason, is expanding rapidly,» Johnson said. «With [Meng’s] expertise and leadership, we are well-positioned to take advantage of the growth opportunities across the region. In addition, we are seeing growing interest in our alternatives business and [Meng] is uniquely qualified to help accelerate our overall business in the Asia-Pacific region.»
