Fiduciary Trust, the US asset manager owned by Franklin Resources, has appointed Jeffrey Applegate as chief investment officer, succeeding Jeremy Biggs who is stepping down from the role after more than 25 years.

Biggs will remain with Fiduciary Trust as a vice-chairman and continue to manage key relationships. Applegate had been running his own firm, Jeffrey Applegate & Co, which provided analysis on US asset class returns and allocation.