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TEMPLETON FUNDS ANNOUNCE MANAGEMENT CHANGES; HANSBERGER NAMED CHAIRMAN OF ALL U.S. OPERATIONS

 TEMPLETON FUNDS ANNOUNCE MANAGEMENT CHANGES;
 HANSBERGER NAMED CHAIRMAN OF ALL U.S. OPERATIONS
 NASSAU, Bahamas, March 12 /PRNewswire/ -- Templeton, Galbraith & Hansberger Ltd. ("TG&H") announced here today a series of senior-level executive changes made in response to the organization's rapid growth over the last five years.
 Thomas L. Hansberger, 58, president, chief executive officer and chief investment officer of parent company TG&H, has been named chairman and CEO of Templeton Global Investors, Inc., the holding company for all of TG&H's U.S. operations. He also was elected chairman of Templeton Funds Management, Inc., the U.S. distribution company for TG&H funds. Hansberger succeeds John W. Galbraith, 70, who remains a director of TG&H.
 It was also announced that Martin L. Flanagan, 31, a senior vice president and chief financial officer, was named executive vice president and chief operating officer of TG&H. Both J. Mark Mobius, 54, a senior vice president and director of emerging markets, and Mark G. Holowesko, 31, a senior vice president and director of equity research, also were named executive vice presidents. Gregory E. McGowan, 42, general counsel and senior vice president of TG&H, was also appointed corporate secretary of TG&H, a post formerly held by Flanagan.
 In commenting on the changes, Sir John Templeton, chairman of TG&H, said: "Templeton International has grown rapidly over the last five years, and these appointments recognize one of our principal achievements during that period -- building a first-class worldwide organization of more than 650 persons that has permitted us to expand without losing a step.
 "Because I receive a good deal of public attention, some observers lose sight of the excellent organization that Tom Hansberger and his colleagues have built since 1986. Since that time, Tom has been CEO and directly responsible for Templeton's international expansion. In 1986, we had one office in London. Currently we have representation in nine different nations through 14 offices. In addition, Tom and his team have led the organization into many new product areas, including the emerging markets and global bond fields. In general, Tom has overseen the development of the investment management, research, administrative and distribution capabilities that will carry this organization forward for years to come.
 "Tom Hansberger and his team of Marty Flanagan, Mark Mobius, Mark Holowesko, Dan Calabria and others are running Templeton International day to day. The excellent investment results TG&H recorded in 1991 -- among the best in our history -- are this team's work."
 Hansberger, who has been chairman and chief executive officer of the parent holding company since its formation in 1985, joined the Templeton organization in 1979. Prior to that he served as a general partner of Stein Roe & Farnham. A graduate of Miami University (Ohio), he has over 30 years' experience as a security analyst and portfolio manager with research, banking and money management companies. Both a Chartered Financial Analyst and a Chartered Investment Counselor, Hansberger has been a director and chairman of the 16,000-member Financial Analysts Federation and is a founding member and current chairman, as well as past president, of the International Society of Financial Analysts.
 Flanagan has served as chief financial officer of the parent company since its formation in 1985 and is vice chairman of Templeton Global Bond Managers, Inc. A graduate of Southern Methodist University, he joined TG&H in 1983 after working with Arthur Andersen & Company. He is also an equity portfolio manager and an analyst with research responsibilities covering financial services. He is a Certified Public Accountant, a Chartered Financial Analyst, and a Chartered Investment Counselor, and a member of the International Society of Financial Analysts.
 Mobius joined Templeton in 1987 as managing director of its Far East Division in Hong Kong with responsibility for directing research in emerging markets countries. With 30 years' experience working in Asia, he oversees analysts based in Hong Kong and Singapore and manages Templeton's emerging markets portfolios. Prior to joining Templeton, he served as president of International Investment Trust, Ltd., in Tapei -- that country's first and largest investment management firm. He also was a director of Vickers da Costa, an international securities firm, directing its operations in India, Indonesia, Thailand, the Philippines and Korea. Mobius earned bachelors and masters degrees from Boston University and a Ph.D. in economics and political science from the Massachusetts Institute of Technology.
 Holowesko, who joined TG&H's Nassau office in 1985, directs TG&H's equity research and is responsible for several mutual funds and some large private accounts. Prior to joining Templeton, he was with RoyWest Trust Corporation (Bahamas) Limited as an investment administrator. Holowesko earned his bachelors degree at the College of the Holy Cross and an M.B.A. degree from Babson College. He is a Chartered Financial Analyst, a Chartered Investment Counselor and a member of the International Society of Financial Analysts.
 McGowan, a former attorney with the U.S. Securities and Exchange Commission, has served as general counsel since he joined the Templeton organization in 1986 and serves on various Templeton boards of directors. McGowan holds a B.A. in economics and international affairs from the University of Pennsylvania, an M.A. from the University of Paris and a J.D. from Georgetown University Law Center.
 Nassau-based Templeton, Galbraith & Hansberger, Ltd., is among the largest global investment organizations, represented in nine different nations through 14 offices. It manages 81 funds worldwide -- 21 of which are distributed in the United States -- and its aggregate assets under management total more than $19 billion. At the close of 1991, five Templeton funds ranked first in their Lipper categories, and another six funds ranked fourth or better.
 -0- 3/12/92
 /CONTACT: Martin L. Flanagan of Templeton, Galbraith & Hansberger, 809-362-4600; or Peter Cullum of Donley Communications, 212-751-6126, for Templeton, Galbraith & Hansberger/ CO: Templeton, Galbraith & Hansberger, Ltd. ST: IN: FIN SU: PER


GK -- NY017 -- 7678 03/12/92 10:01 EST
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