Franklin Resources's Templeton Investment Counsel unit was fired as the investment sub-advisor to the $249 million Marshall International Stock Fund and replaced by BPI Global Asset Management LLP.

Milwaukee-based Marshall Funds Inc., a group of 11 mutual funds with $4.7 billion in assets, said BPI was picked for "its superior performance record," according to the funds' proxy statement.

BPI Global, the Orlando, Florida-based fund management arm of Toronto's publicly traded BPI Financial Corp., is smaller than the Franklin Resources subsidiary and, as a result, the international stock fund is "likely to receive greater attention than that given by a larger organization such as Templeton," according to the proxy.

The proxy further stated that the main reasons for BPI's hire were the "consistency of BPI's performance and expertise in the area of global and international investing, the long-term performance record of the proposed portfolio manager, its ongoing commitment to client service, and the stability and quality of the organization (including BPI's financial condition), as well as the quality of the individuals that make up their investment teams."

BPI also has two funds which M & I considers similar in investment objective to the International Stock fund which have performed well lately, the Masters' Select International fund, and the BPI International Equity Value fund.

Fort Lauderdale-based Templeton had been sub-advisor to the Marshall international stock fund since August 1994. M&I Investment Management Corp. is the advisor to the Marshall Funds and Marshall & Ilsey Corp., a Milwaukee-based bank holding company, is M&I Investment's parent.

The new sub-advisory agreement with BPI became effective March 29, although the fund's shareholders must approve the change at the annual meeting on April 30. 

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