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Agency suspends A rating on Franklin Templeton fund

Old Broad Street Research has suspended the A rating on Franklin Templeton’s Euro-pean fund following the dep-arture of fund manager Andrew MacKirdy.

MacKirdy is on gardening leave, with the 14.6m fund being run by Uwe Zoellner. MacKirdy also managed a glo-bal fund Sicav which will pass to Martin Cobb.

Zoellner already runs a series of institutional offerings at Franklin Templeton while Cobb manages the 28.7m Templeton UK equity fund.

MacKirdy, who took on Templeton Europe in January 2006, is leaving to pursue other opportunities in the industry.

The fund is fourth quartile in the Investment Management Association Europe ex UK sector for the past 12 months, falling by 8.5 per cent compared with an average fall of 5.3 per cent in the sector over that time.

OBSR research director Richard Romer-Lee says: “Following the news that Andrew MacKirdy has left Franklin Templeton, we have taken the decision to suspend the A rating on the Franklin Templeton European fund with immediate effect. We will meet with the new manager in order to understand their plans for the fund.”

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