A publicly traded mutual fund giant's team is partnering up with an ally to startups and bringing that venture-capital-esque partnership to Silicon Valley. And they're on the hunt for deals, too.
| Jennifer M. Johnson
Franklin Resources, Inc.
President, Chief Operating Officer
Today is the grand opening celebration of a new "fintech incubator" at Franklin Templeton's
] headquarters in San Mateo, California, Franklin's Joe Boerio confirms
. Franklin Templeton is the founding sponsor of the incubator, an expansion of La Jolla-based EvoNexus
EvoNexus' co-founder and CEO, Rory Moore
Meanwhile, Jenny Johnson
, president and chief operating officer of Franklin, tells Bloomberg
that she is interested in acquisitions that boost the fund firm's distribution, geographic reach, or product lines.
Boerio, chief technology officer, investment management data science, fintech & rapid development at Franklin, describes the EvoNexus partnership as "an exciting opportunity for Franklin Templeton."
"Alongside EvoNexus, we will be working closely with promising startups in our new purpose-built Fintech incubator facility," Boerio states. "We will be well positioned to leverage the best Fintech product and services to improve business outcomes and drive growth. The incubator will be a great source of technology building blocks that will enable and accelerate our efforts in becoming the investment firm of the future."
Moore describes the partnership as "the fulfillment of a shared vision."
"I am optimistic that our collaboration with Franklin Templeton and other supporting sponsors will repeat the success that we have achieved in Southern California," Moore states. EvoNexus already has locations in La Jolla (outside San Diego) and Irvine (in Orange County).
The incubator will invest $150,000 in each startup that enters, in return for one percent in equity and a two-year residency.
As of September 30, Franklin had more than $692 billion in AUM.
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