Now Fiduciary’s 42-year-old president is taking on a new assignment. Franklin Resources, which acquired Fiduciary last April, this month is consolidating its institutional asset gathering efforts under one umbrella - FTI Institutional - in the hope of leveraging its scale across the globe. “Combining forces was a strategic goal when we did the merger with Franklin,” says Yun, who will remain Fiduciary’s president while heading FTI. Franklin subsidiaries Templeton and Fiduciary Trust together run nearly $80 billion in institutional assets, mostly pension funds, foundations and endowments. The changes involve only the institutional businesses; Fiduciary’s core private banking business will keep its separate identity. Yun, who became Fiduciary president in June 2000, has already won praise for spearheading the firm’s smooth recovery from September 11. Says Yun of his new business, “This is going to be a powerful force in the market.”
