Paul Spencer’s Retirement and Related Changes for Franklin UK Equity Funds

From Franklin Templeton
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Paul Spencer’s Retirement and Related Changes for Franklin UK Equity Funds

Paul Spencer, Vice President, Portfolio Manager and Research Analyst in the Franklin UK Equity Team has decided to retire on 30 September 2020 after 33 years in the financial industry and 14 years at Franklin Templeton. We would like to thank Paul for his dedication and contributions to the firm and wish him well in his retirement.

Leeds-based Paul joined the firm in 2006 as a member of the UK Small-Mid Cap (SMid) team. On 30 June 2020, Paul will step down from all portfolio management responsibilities, including the Franklin UK Mid Cap Fund, though he will remain engaged with the strategy for the remainder of his tenure at Franklin Templeton.

Richard Bullas, Vice President, Portfolio Manager and Research Analyst in the Franklin UK Equity Team, who currently serves as a portfolio manager of the fund, will assume lead portfolio manager responsibilities for the Franklin UK Mid Cap Fund effective 30 June 2020. Richard has 20 years of financial industry experience and joined the firm in January 2000 as a member of the UK SMid team.

The Franklin UK Equity team will continue to be led by Colin Morton, Vice President and Portfolio Manager, a seasoned investment professional with 36 years of industry experience and the longest management tenure in the IA UK Equity Income sector. Under Colin’s leadership, the team of eight investment professionals will continue to follow the same long-standing and disciplined investment approach and work very closely together to ensure a smooth transition of responsibilities.

In addition, Daniel Green and Marcus Tregoning will be added to the funds listed in the chart below. Daniel is a Portfolio Manager and Equity Research Analyst for Franklin UK Equity, focusing on UK small- and mid-cap equities. He joined Franklin Templeton in September 2015. Marcus joined Franklin Templeton in April 2019 as a Research Analyst focusing on UK small- and mid-cap equities.

Over the past few years, the Franklin UK Equity team has been bolstered with the addition of Daniel Green, Marcus Tregoning and Will Bradwell who joined in September 2018 as part of the UK Large Cap team. This expansion of investment resources is evidence of the team’s continuous focus on evolution, personal development and ensuring a deep bench of investment managers. It is also a reflection of the consistent performance and successful asset growth witnessed by the team.

Colin Morton commented: “Naming Richard as Lead Portfolio Manager is a natural transition as he has worked very closely with Paul for the last 14 years and they have been co-managing funds since 2012. In addition, they both abide by the same investment philosophy and follow the same approach which provides continuity on the funds. The time-tested and rigorous investment process followed by the team will continue uninterrupted under Richard’s management.”

We do not expect any changes in the funds’ investment strategy or philosophy as a result of this announcement.

The table below summarises the current and future portfolio team lineups.

Fund NameCurrent PM TeamNew PM Team
Effective 31/01/2020
PM Team
Effective 30/06/2020
Franklin UK Mid Cap Fund Paul Spencer (Lead)
Richard Bullas (PM)
Mark Hall (PM)
Paul Spencer (Co-Lead)
Richard Bullas (Co-Lead)
Mark Hall (PM)
Richard Bullas (Lead)
Mark Hall (PM)
Daniel Green (PM)
Marcus Tregoning (PM)
Franklin UK Managers' Focus Fund Richard Bullas (Co-Lead)
Paul Spencer (Co-Lead)
Colin Morton (Co-Lead)
Ben Russon (Co-Lead)
Mark Hall (PM)
Richard Bullas (Co-Lead)
Paul Spencer (Co-Lead)
Colin Morton (Co-Lead)
Ben Russon (Co-Lead)
Mark Hall (PM)
Richard Bullas (Co-Lead)
Daniel Green (PM)
Colin Morton (Co-Lead)
Ben Russon (Co-Lead)
Mark Hall (PM)
Franklin UK Smaller Companies Fund Paul Spencer (Co-Lead)
Richard Bullas (Co-Lead)
Daniel Green (PM)
Mark Hall (PM)
Richard Bullas (Co-Lead)
Daniel Green (Co-Lead)
Mark Hall (PM)
Richard Bullas (Co-Lead)
Daniel Green (Co-Lead)
Mark Hall (PM)
Marcus Tregoning (PM)

All funds are sub-funds of Franklin Templeton Funds (FTF), an open-ended investment company (OEIC).

More Information
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The value of investments and the income from them can go down as well as up and you may get back less than you invested. This information does not take into consideration any personal circumstances and may be subject to change in the future. Issued by Franklin Templeton Fund Management Limited (FTFML). Registered office: Cannon Place, 78 Cannon Street, London EC4N 6HL www.franklintempleton.co.uk. FTFML is authorised and regulated by the Financial Conduct Authority.