Matthew Harrison, managing director of Franklin Templeton's Australian business, and Tariq Ahmad, the firm's Asia distribution lead, will become co-heads of the Asia-Pacific business.
The duo will take the reins from Vivek Kudva, who will retire on July 28 after 16 years with the asset manager.
Harrison and Ahmad will report to Adam Spector, executive vice president of global advisory services, and will jointly develop and execute the overall APAC strategy.
"The Asia Pacific region is critical to the growth strategy for Franklin Templeton," said Spector.
"Both Tariq and Matt are industry veterans with successful track records of leading investment management businesses. Their appointment will allow us to capture rapid growth opportunities in the backdrop of shifting market dynamics.
"Given the strengths of both leaders, we are confident that they will meaningfully accelerate the firm's growth in the region."
Spector acknowledged Kudva's contribution to the firm by leading its distribution efforts in APAC and EMEA during his time with the firm and wished him well in retirement.
Before joining Franklin Templeton, Harrison was general manager of distribution at Colonial First State.
Earlier, he was national sales and research manager at Perennial Investment Partners and state manager of New South Wales at NSW at IOOF