US equity veteran Conrad Herrmann has retired from fund management ending almost three decades with Franklin Templeton, Citywire Selector has learned.
Herrmann joined the US firm in its equity unit in 1988 having previously spent five years with Aquila Management.
Prior to his departure, Herrmann, who formally retired on May 2, had worked closely with Franklin Equity Group CIO Mike McCarthy to ensure a smooth changeover.
Replacing Herrmann on the Franklin US Opportunities fund is Sara Araghi, who is a research analyst and portfolio manager within the Franklin Equity Group. She first joined the FEG in July 2003 as an equity research associate focused on the consumer sector.
This marks the latest high profile move for Franklin Templeton this year, which saw Mark Mobius hand the bulk of responsibilities for the emerging markets unit to Stephen Dover, as well as bond specialist Eric Takaha retiring from the group at the start of the year.
The Franklin US Opportunities fund returned 31.6% in US dollar terms over the three years to the end of March 2016. This compares to a return of 27.5% by the average manager in the Equity – North America sector over the same timeframe.