He expects, however, that "all will be fine."
"We think we have a very strong team," said Peter Langerman, who is chief executive and will take over as chairman.
David Winters, who will replace Friedman as chief investment officer, said they had already had a few calls from financial advisers, and that people were "supportive" of the changes.
Another change at Franklin is that long-time fund manager Larry Sondike will oversee the development of hedge funds.
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