Greg Johnson, 54, is about to hand off one of his three hats, and he's going to divide it in two.

This morning Greg Johnson confirms that, effective October 1, Vijay Advani, 54, and Jenny Johnson, 51, will become co-presidents of Franklin Templeton parent Franklin Resources [profile].

Greg Johnson himself will remain chairman and CEO of the company, and Advani and Jenny Johnson will report directly to Greg Johnson. Advani and Jenny Johnson will continue to oversee global advisory services and operations, respectively. Additionally, they will jointly oversee investment management, taking the reins from John Lusk, who will be retiring on March 31, 2016.

Matt Walsh, a spokesman for Franklin, describes the promotions as part of "ongoing efforts to further develop senior leaders" at the company.

"This particular development doesn't signal the start of a process for Greg Johnson to step down from his CEO and chairman roles," Walsh tells MFWire.

An alumnus of UMass-Amherst and what is now the University of Mumbai, Advani joined Franklin 20 years ago and worked in international retail development and global distribution before rising to his executive vice president of global advisory services in 2006.

Jenny Johnson joined Franklin in 1988 and served as chief information officer before rising to EVP and chief operating officer in 2010.

"As our company continues to grow in size and complexity, one of our most essential responsibilities is to ensure that we have the right talent and resources in place so that we remain nimble in our decision-making and maintain a clear focus on our business priorities to drive the continued growth of the company," Greg Johnson states. "Vijay and Jenny have been instrumental to the company's long-term growth and their new roles as Co-Presidents will give them expanded responsibilities, and provide us with a fresh perspective from two extremely experienced and innovative thinkers in our industry. I will continue as Chairman and CEO, with Vijay and Jenny working closely with me to make enterprise-level decisions."

As of July 31, Franklin had more than 600 investment professionals across 35 countries managing more than $854 billion in AUM. 

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