John Templeton, pioneer investor, dies at 95
In finance and philanthropy, legendary fund manager opened doors to world
By Jonathan Burton, MarketWatch
Last update: 1:28 p.m. EDT July 8, 2008
SAN FRANCISCO (MarketWatch) -- John Templeton, the legendary mutual-fund manager who was a pioneer of international investing and later committed much of his fortune to scientific and religious causes, died Tuesday. He was 95.
Over the course of a Wall Street career that began in 1937 and spanned more than five decades, Templeton earned a reputation for prescient, bargain-minded stock selection that consistently rewarded shareholders in his Templeton Funds family.
A $10,000 investment in the storied Templeton Growth Fund (TEPLX
in 1954 would have grown to $2 million by 1992, when Templeton sold his company to Franklin Resources, the San Mateo, Calif.-based fund giant, for $913 million. In 1999, Money Magazine called Templeton "arguably the greatest global stock picker of the century."
Charlie Johnson, Franklin's chairman, said in a written statement, "Even at our first in-person meeting in 1992, when we discussed the potential merger between our companies, I quickly realized that John was a man of principle, determination, intelligence and wisdom. His brilliance as an investor was second to none."
Templeton, who lived in the Bahamas, died at Doctors Hospital in Nassau. The cause was pneumonia, according to a statement that the John Templeton Foundation, his charitable organization, posted on its Web site.
Templeton was knighted by Queen Elizabeth II in 1987 for his charity work. That same year he created the foundation, which today has an endowment of about $1.5 billion and awards around $70 million in annual grants including the Templeton Prize, recently valued at about $1.6 million. The foundation supports research of science and theology, in keeping with Templeton's devout religious values and beliefs.
"He was one of a kind," said Martin Flanagan, chief executive of mutual-fund company Invesco Ltd.who was director, executive vice president and chief operating officer of Templeton, Galbraith & Hansberger, Ltd. before its acquisition by Franklin.
"He was probably one of the biggest free thinkers in our industry," added Flanagan, who joined Franklin after the acquisition and became its president and co-chief executive.
"He led very quietly through deep, thoughtful analysis and engaged in very broad conversation and really challenged perspectives that are not common," Flanagan said of Templeton. "He would be asking the question or putting you in the direction that few would ever think of."
In finance and philanthropy, legendary fund manager opened doors to world
By Jonathan Burton, MarketWatch
Last update: 1:28 p.m. EDT July 8, 2008
SAN FRANCISCO (MarketWatch) -- John Templeton, the legendary mutual-fund manager who was a pioneer of international investing and later committed much of his fortune to scientific and religious causes, died Tuesday. He was 95.
Over the course of a Wall Street career that began in 1937 and spanned more than five decades, Templeton earned a reputation for prescient, bargain-minded stock selection that consistently rewarded shareholders in his Templeton Funds family.
A $10,000 investment in the storied Templeton Growth Fund (TEPLX
in 1954 would have grown to $2 million by 1992, when Templeton sold his company to Franklin Resources, the San Mateo, Calif.-based fund giant, for $913 million. In 1999, Money Magazine called Templeton "arguably the greatest global stock picker of the century."
Charlie Johnson, Franklin's chairman, said in a written statement, "Even at our first in-person meeting in 1992, when we discussed the potential merger between our companies, I quickly realized that John was a man of principle, determination, intelligence and wisdom. His brilliance as an investor was second to none."
Templeton, who lived in the Bahamas, died at Doctors Hospital in Nassau. The cause was pneumonia, according to a statement that the John Templeton Foundation, his charitable organization, posted on its Web site.
Templeton was knighted by Queen Elizabeth II in 1987 for his charity work. That same year he created the foundation, which today has an endowment of about $1.5 billion and awards around $70 million in annual grants including the Templeton Prize, recently valued at about $1.6 million. The foundation supports research of science and theology, in keeping with Templeton's devout religious values and beliefs.
"He was one of a kind," said Martin Flanagan, chief executive of mutual-fund company Invesco Ltd.who was director, executive vice president and chief operating officer of Templeton, Galbraith & Hansberger, Ltd. before its acquisition by Franklin.
"He was probably one of the biggest free thinkers in our industry," added Flanagan, who joined Franklin after the acquisition and became its president and co-chief executive.
"He led very quietly through deep, thoughtful analysis and engaged in very broad conversation and really challenged perspectives that are not common," Flanagan said of Templeton. "He would be asking the question or putting you in the direction that few would ever think of."
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