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21st Century Business Herald reporter Li Yu reports from Shenzhen

Will global asset management giant Franklin Templeton close its Beijing representative office?

Recently, there was news that Franklin Templeton fired Yu Qing, the head of China and managing director, in early July. The rumor said that Franklin Templeton will close the entire Beijing representative office and is currently in the relevant process. Its related business in the Chinese market will be transferred to the Shanghai representative office.

On July 24, a reporter from 21st Century Business Herald learned that Franklin Templeton's Beijing representative office is still operating normally and has not applied to the regulatory authorities to cancel or close the office.

Franklin Templeton officials said that there have been and are huge opportunities in the Chinese market, and Franklin Templeton will continue to make every effort to develop the Chinese market, and its business in the Chinese market will continue to be supported by an experienced local team.

The Beijing representative office is still operating normally

In August 2022, Franklin Templeton, a global investment management firm, announced the appointment of Yu Qing as Managing Director and Head of China. Yu Qing will be responsible for the overall leadership of the group's business development and strategic direction in mainland China, focusing on public market investment solutions while building a diversified asset management business.

Public information shows that Yu Qing was born in 1964, has a master's degree, and has worked in the Finance Department of the Ministry of Finance for many years. Before joining Franklin Templeton, Yu Qing served as Chairman of Nomura Orient International Securities, Managing Director of Nomura Securities Beijing Representative Office, and Vice President of China Reinsurance Group.

Regarding the executive changes, Franklin Templeton said: "In June 2024, Yu Qing, who was the head of the China region, left after completing his contract period. Our business in the Chinese market will continue to be supported by an experienced local team. Franklin Templeton will continue to focus on deepening its presence in the Chinese market."

At the same time, Franklin Templeton stressed that the Beijing representative office is still operating normally and has not applied to the regulatory authorities for deregistration or closure of the office. It is reported that Franklin Templeton is one of the earliest global asset management companies to enter the Chinese market, and has established local partnerships and is committed to bringing innovative investment products and services to the Chinese market. In its view, there are huge opportunities in the Chinese market both in the past and now. In the future, Franklin Templeton will continue to explore various ways and structures, using global practices and investment expertise to serve investors in the best way.

$1.6 trillion in assets under management

Franklin Templeton is a global investment management firm named in honor of American founding father Benjamin Franklin, best known for its stock and bond mutual fund products.

Currently, Franklin Templeton has offices in more than 30 countries, 75 years of investment experience, and as of March 31, 2024, the company manages approximately $1.6 trillion in total assets (including the combined assets of Franklin Templeton and expert investment managers).

It is reported that the company has been deeply involved in the Chinese market for decades and has established a wholly foreign-owned enterprise and a representative office in Shanghai and Beijing respectively. In addition, the group also has two long-established joint ventures, namely Guohai Franklin Fund Management Co., Ltd. and China Life Franklin Asset Management Co., Ltd.

In June this year, the 2024 Greenwich Economic Forum was held in Hong Kong. Franklin Templeton President and CEO Jenny Johnson said at the forum that China is the world's second largest economy and will continue to grow this year. It may not be as fast as in the past, but it will still be a 5% growth rate. For an economy of this size, this is already a huge growth rate. Franklin Templeton has many global clients who are interested in investing in China.

In addition, Jenny Johnson also pointed out that China's policies to deal with the real estate crisis are very pragmatic, and the seeds of economic recovery are being nurtured. "The pessimism in the Chinese market has been fully released and investors are returning to the Chinese market."