Franklin Templeton Investments last week announced that it has formed a new retirement division, unifying two separate groups previously called strategic alliances and defined contribution services. Rick Frisbie will be president of the new division.

Reporting to Frisbie will be Robert Hays, senior vice president, who will oversee retirement platforms and sub-advisory sales, and Dan Reinhold, also senior vice president, who will head up individual retirement products, defined contribution plans and 529 education savings plans.

"In recent years, we have seen the U.S. retirement market segments become more interdependent, and we recognize the value in this consolidation trend," said Peter Jones, president of Franklin Templeton Distributors. "Through our new retirement division, we can provide institutional intermediaries and financial advisers with a comprehensive presentation of all of our retirement plan options from which to select the most suitable vehicles for their clients."

Franklin Templeton currently oversees $75 billion in assets and plans to grow this business.

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