My guest today is Jenny Johnson, President and CEO of one of the world’s largest asset managers, Franklin Templeton. Jenny joined the business in 1988 and has worked in the organization ever since. In early 2020 she became CEO of Franklin, which now manages some $1.5 trillion. I should, of course, note that I met Jenny as our two firms explored a partnership, which we cemented 3 months ago when we announced that Franklin Templeton would be acquiring O'Shaughnessy Asset Management. During our conversation, we discuss Jenny’s thoughts on leadership, how she manages the needle-moving problem that afflicts many large companies, and the ways in which she sees private markets becoming more accessible to retail investors in the future. Please enjoy this great conversation with Jenny Johnson. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.-----Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes[00:03:19] - [First question] - The four P’s of leadership and what she thinks are the most important roles of a CEO [00:06:00] - The difficulty of finding and recruiting great people and keeping them invested [00:07:18] - Things she looks for in her senior leadership team[00:07:59] - Knowing when to be more or less involved as a leader[00:09:30] - Her takeaways from working in a family-owned business[00:11:20] - Advice she’d give to families who are building businesses together[00:12:06] - Thoughts on the role technology will play in the asset management industry[00:16:13] - Costs and frictions that blockchains could alleviate[00:18:17] - General views on disruption and considering ones position when thinking about the future[00:20:09] - Knowing when to start a project internally or acquire an existing project[00:23:10] - The hardest things about effective M&A decisions[00:23:42] - Overseeing a hybrid model of singular focus between multiple investment groups[00:28:26] - The pros and cons of active management against passive adoption[00:31:15] - Costs and fees in the industry and how they might change in the future [00:33:04] - Talking to clients when they don’t have one specific view on strategy[00:36:10] - Formative experiences in her career that has shaped her worldview[00:38:34] - Managing emotions through seemingly chaotic situations[00:39:13] - The impacts on psychology when being a top performer and an average one[00:41:15] - Managing and adapting strategy when faced with highs and lows [00:42:55] - Acquiring alternative managers and defining what alternative assets are[00:46:26] - Relevant trends on how capital is pooled and their client base over time[00:47:52] - What is under-discussed in the world of asset management today writ large[00:49:01] - Other leaders she’s met or knows that have had her in awe[00:50:30] - What about Cathie Wood has made her story and approach so successful[00:51:38] - How she runs a great board meeting and ways to improve meetings themselves [00:53:34] - Lessons learned about time management as the leader of a public company[00:54:52] - What purpose means to her [00:56:18] - Ways we can incentivize young and new people to start investing[00:59:10] - Her favorite things that her dad has taught her and how she’d describe him [01:00:57] - What has her most excited about the future  [01:01:34] - The kindest thing that anyone has ever done for her

Jenny Johnson, Franklin Templeton President & CEO, shares concerns about spiraling US debt and its impact on interest rates. Mandeep Singh of Bloomberg Intelligence discusses the latest in tech earnings. Cameron Dawson, Newedge Wealth Chief Investment Officer, says the Fed's higher-for-longer policy is starting to bite. Paul Jacobson, General Motors Chief Financial Officer, discusses GM's 3Q earnings and the company's outlook amid the UAW strike. Fatih Birol, International Energy Agency Executive Director, discusses the impacts of geopolitical conflicts on the global energy market.

On a special 500th-episode edition of Masters in Business, Bloomberg Radio host Barry Ritholtz speaks with Jenny Johnson, the president and chief executive officer of Franklin Templeton. Johnson joined the firm in 1988 and held leadership roles in all its major divisions, including investment management, distribution, technology, operations and high-net-worth, before becoming CEO in February 2020. She also led the historic acquisition of Legg Mason in 2020, with the combined organization managing more than $1.5 trillion globally. Among many other accolades, she has been named to Barron's list of the 100 most influential women in US finance for three consecutive years, most recently in 2022.See omnystudio.com/listener for privacy information.

Jenny Johnson, President and CEO of Franklin Templeton, discusses the importance of team performance, the history of acquisitions at Franklin Templeton, the transformative power of AI in business, remote work adaptation, long-termism vs short-termism in asset management, the impact of changing interest rates on running a firm, and recent watchlist and favorite books.

Jenny Johnson, President & CEO of Franklin Templeton, dives into the evolving landscape of investment management. She discusses how traditional money managers are adapting to the surge in alternative investments post-2008 financial crisis. Johnson also explores the complexities of blockchain technology and its impact on financial systems. Cultural dynamics within business and the necessity for strategic partnerships are emphasized, alongside the importance of navigating economic challenges and incorporating diverse perspectives in investment strategies.

Matt Brown, the visionary CEO of Case, advocates for democratizing alternative investments. Jenny Johnson, leading Franklin Templeton, discusses the evolving landscape of investment management. John Kadunas from Calamos Investments shares his insights on market volatility. The conversation reveals the growing interest in alternative assets amidst global uncertainties. They emphasize the critical need for education among investors to navigate this shift, as well as the significant market movements impacting stocks and sectors, including tech giants like Apple.

Franklin Templeton CEO Jenny Johnson discusses investment opportunities in China, sovereign wealth funds' strategies, and shifting Chinese families' wealth portfolios. She explores challenges in the Chinese market, government support, and supply chain diversification in Asia.

Explore the exciting lineup of guests for Consensus 2024, featuring presidential candidate Robert F. Kennedy Jr., Franklin Templeton CEO Jenny Johnson, and Bitcoin developer Casey Rodarmor. They discuss pro-crypto views, fintech initiatives, and the creation of the Runes protocol for token on Bitcoin.

Franklin Templeton CEO Jenny Johnson discusses Fed policy with Bloomberg hosts. Topics include active asset management, data-driven rate cut discussions, political influences on financial decisions, shifts towards private investments, AI customization for client portfolios, and partnerships between fund managers for technology advancements.

Jenny Johnson, CEO of Franklin Templeton, discusses the growth of retail investors in private equity markets, including the evolution of the secondaries market and the potential of accessing this market through retail investors using technology like tokenization and blockchain. The podcast also touches on the significance of cultural fit in acquisitions and the challenges faced by large alternative managers in entering the wealth space. Additionally, the speakers highlight societal changes in Saudi Arabia, innovation in green energy, and the rise of private equity activity in Japan.