Franklin Templeton taps Brookfield exec for real assets expansion

Joyce Shapiro has joined the New York-based real estate team from Brookfield Asset Management to lead its expansion into real asset fund of funds, targeting infrastructure, energy, water, agriculture and timber.

Franklin Templeton Real Estate Advisors has hired former Brookfield Asset Management executive Joyce Shapiro to target real asset fund of funds investments, including infrastructure and energy.

Shapiro has joined the New York-based firm as managing director of real assets after more than two years as Brookfield's head of global client relationship team and 12 years working for LaSalle Investment Management, most recently as international director.

Jack Foster, managing director and head of Franklin Templeton’s real estate multi-manager business, said in a statement real assets shared “many of the same economic fundamentals as real estate” and was a “natural extension of our business”.

Franklin’s real asset fund of funds will focus on infrastructure, energy, water, agriculture and timber sectors, globally.

Shapiro added: “Institutional investors today have shown an increased need for strategies that can provide reasonably predictable cash flows, inflation protection and the potential for outperformance necessary to meet future pension liabilities. At the same time, rising demand for natural resources and massive capital requirements for infrastructure development worldwide has driven the need for new investment solutions.