Franklin Templeton merges with Legg Mason, with 'minimal cuts' in Singapore

Singapore

FRANKLIN Templeton has completed its merger with fund management company Legg Mason at end-July with minimal staff cuts in Singapore, with the US offices absorbing most of the 8 per cent staff layoffs from its combined workforce of about 12,600.

The Business Times understands that fewer than five staff in Singapore were affected out of its headcount of about 140, which means it was not necessary to notify the Ministry of Manpower (MOM). Under MOM guidelines, it is mandatory for employers with at least 10 employees who have retrenched 5 or more staff within any 6-month period to notify MOM of the retrenchment exercise.