Franklin Templeton Forms Retirement Services Unit

July 31, 2002 ( - Franklin Templeton Investments announced that it had merged its Strategic Alliances and Defined Contribution Services areas to form the Retirement Division of Franklin Templeton Distributors, Inc. Rick Frisbie was named as its president.

Also appointed to key spots in the reorganized retirement unit were:

Dan Reinhold, senior vice president, who will oversee bundled defined contribution plans, individual retirement products and 529 education savings plans.

Robert Hays, promoted to senior vice president, who will lead the retirement platform and sub-advisory sales team. Reinhold and Hays will report to Frisbie.

Additionally, the processing and servicing for bundled retirement services will move under the US shareholder services unit.

Officers’ Background

Frisbie joined Franklin Templeton in 1990 as an institutional account executive. In 2001, he was promoted to his previous position of executive vice president of Strategic Alliances, where he was responsible for institutional marketing and client service.

Reinhold joined Franklin Templeton in 1992 and is presently senior vice president and director of defined contribution services. Prior to assuming this position, he served as a vice president in the Financial Advisor Division.

Hays joined Franklin Templeton in 1999 and was previously vice president of retirement platform sales. Prior to that, Hays was a management consultant with Booz-Allen & Hamilton in Washington, DC.

The San Mateo, Calif.-based company has more than $270 billion in assets under management as of June 30, 2002. Its assets under management includes over $75 billion in US retirement funds.