Sir John Templeton, founder of the Templeton Funds and who first came to Wall Street in 1937, passed away yesterday at the age of 95 from pneumonia in Nassau, Bahamas.
As noted on the home website of Franklin Templeton Investments, Templeton, who was knighted by Queen Elizabeth in 1987 for his charitable works, launched his first global mutual fund, the Templeton Growth Fund, in 1954, when most peoples concept of investing didn't extend beyond Wall Street.
"He was an early proponent of international securities as both an investment opportunity set and a diversification tool for portfolios. In 1999, Money magazine called him arguably the greatest global stock picker of the century.
One of Templetons greatest charitable achievements was founding the $1.4 million Templeton Prize, bestowed annually to acknowledge spiritual grace, with Mother Teresa and Billy Graham being two of its most famous recipients. The John Templeton Foundation that he founded in 1987, which has an endowment of $1.5 billion, gives out $70 million a year in grants for religious and scientific endeavors and achievements.