Carlyle Hires Franklin Templeton MD for Private Wealth Strategy

Global investment firm Carlyle has appointed former Franklin Templeton executive Shane Clifford head of private wealth strategy, with responsibility for growing the firm’s business across its three global segments – private equity, credit and investment solutions.

He will lead the team in identifying new investor segments, new products and capital raising opportunities to appeal to private wealth investors globally, according to Carlyle.

Clifford was a senior managing director with a focus on growing alternative strategies and managing the product development and retail distribution strategy while at Franklin Templeton.

Clifford has over 20 years’ experience in various alternative assets and financial services business development and strategy positions, including roles at Legg Mason (EnTrustPermal), BlackRock and Merrill Lynch.

The appointment is the latest senior hire under CEO Harvey Schwartz, a former Goldman Sachs executive who took the helm at Carlyle in February.

The news is the latest sign of the private equity industry’s ambitions to raise more capital from high-net-worth individuals and wealthy investors.

Individual investors hold roughly 50% of the estimated $275tn to $295tn of global assets under management. Yet those same investors represent just 16% of assets held by alternative investment funds, according to Bain & Company.

Last year, Carlyle expanded its wealth management channel through a partnership with fintech iCapital and B2B wealthtech platform Allfunds. The deal means Allfunds clients can access Carlyle’s private market investment opportunities through the iCapital software.