A top fixed income executive is leaving Franklin Templeton [profile], and his longtime colleague is stepping up.

Sheila Amoroso Franklin Templeton Fixed Income Group Senior Vice President, Co-Director, Municipal Bond Department

Rafael Costas, formerly senior vice president and co-director of the municipal bond department in Franklin Templeton's fixed income group, is retiring from the San Mateo, California-based publicly traded asset manager on November 30, company spokeswoman Stacey Coleman confirms. Costas' longtime fellow muni bond department co-director, senior vice president Sheila Amoroso, will become the sole director of the unit on December 1. Amoroso is also the co-lead PM of the Franklin Federal Tax-Free Income Fund.

Rafael Costas Franklin Templeton Fixed Income Group Senior Vice President, Co-Director, Municipal Bond Department

"Amoroso will continue to lead Franklin Templeton's municipal bond strategies, supported by an experienced team of 29 portfolio managers and analysts, who average over 20 years of industry experience," Coleman tells MFWire. "Tom Walsh will continue as director of research for the municipal bond department, with the continued support of Molly Butler as manager of research."

"We thank Costas for his many years of dedicated service," Coleman adds.

Costas is an alumnus of UC Santa Barbara, and Amoroso is an alumna of San Francisco State University and of Notre Dame de Namur University. The duo joined Franklin 32 years ago and have co-led the muni bond department together since 1999, building what Coleman describes as "one of the largest municipal bond platforms in the industry."

"The team remains committed to managing municipal bond strategies with a focus on delivering consistently strong monthly tax-free income and compelling long-term investment results to our clients under Amoroso's leadership," Coleman says. 

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