Franklin Templeton Group, San Mateo, Calif., has named Bank of New York as custodian for its $26 billion-asset Franklin Mutual Series Funds.

The fund family, which Franklin bought in 1996, previously used State Street Corp. as custodian. Franklin, which has $223 billion under management, already uses Bank of New York's custody services for its other funds.

Bank of New York is a major player in the custody business, handling more than $4.7 trillion of assets.

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