A Franklin Templeton veteran has left the $714 billion US asset manager after the firm decided to “eliminate” his role as head of solutions for Europe, the Middle East and Africa, bringing the curtain down on his 28-year association with the business.

The US firm confirmed in a statement that "an organisational decision was made to eliminate" David Smart's role, which he had held since 2014, with Smart leaving on March 4, 2016. It said that his responsibilities have been taken on by Franklin Templeton's broader solutions leadership team.