Franklin Templeton, a US fund manager that oversees $753bn, has announced new leadership for its $157bn fixed-income division together with the retirement of longstanding chief investment officer Chris Molumphy.

Molumphy, a 30-year veteran at Franklin and one of a small group of key executives who set the firm’s strategy, will be succeeded by Sonal Desai, who is currently head of research at the firm’s global macro division — and a protegé of the firm’s high-profile macro chief Michael Hasenstab.