"Move SMAs into the mass-affluent Northern Lights," is the battle cry of Franklin Templeton Investments private client group of Toronto, Canada, the high-net-worth unit of Franklin Resources of San Mateo, Calif..

This past fall, just as initial allegations of underhanded trading were surfacing within the broad U.S. investment management industry, Franklin Templeton's Canadian wealth management unit was busy rolling out its 11-portfolio Tapestry Pooled Portfolios, a new, actively managed investment product aimed at the mass affluent.

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