Philip Tose, the man who presided over the collapse of Peregrine Investments, has been hired as a consultant by Templeton Franklin Investment Services (Asia) to help develop its direct equity investment business. Templeton Franklin, a subsidiary of Franklin Resources, held a 10 per cent stake in Peregrine when the investment bank filed for bankruptcy in January, throttled by disastrous lending decisions to Asian corporates. Commenting on his appointment, Mr Tose said: 'They approached me two weeks ago. My main priority to date has been with Peregrine and with the liquidators . . . That is more or less over now.' He said he would remain in Hong Kong, but his new post would have a regional remit. No figures for Mr Tose's salary were disclosed. 'My base will be Hong Kong, but this is an Asian role,' he said. 'Templeton are a very large fund-management group. Their entry into the direct-investment field has been relatively limited to date; that's what I will be working on.' The former Peregrine chairman did not foresee any potential conflict between his new role and Templeton's position as a former Peregrine shareholder. 'That [issue] is something that Templeton will obviously have given a great deal of thought to,' he said. At the time Peregrine failed, Templeton held about 10 per cent of its equity through a subsidiary, Templeton Investment Counsel. The stakes, valued at about US$110 million, were held via several mutual funds, including the Templeton Global Opportunity Trust. Hong Kong-based Templeton spokesman Stewart Aldcroft said: 'It was a bad investment by the funds - we make mistakes from time to time.' Peregrine liquidators Price Waterhouse did not return calls seeking comment yesterday. Templeton managing director Mark Mobius - a high-profile emerging-markets investor - said Mr Tose would be an asset to the firm, despite his reputation for a somewhat swashbuckling approach to investment decisions. 'We have careful risk controls,' Mr Mobius said. 'There's no limit [to Mr Tose's contract]. We expect him to be with us for quite some time.' He said Templeton's holdings in Peregrine at the time it went under would not be a problem. 'That kind of thing is a completely independent decision,' Mr Mobius said. 'Tose will be doing private client equity investments.' With Templeton's appointment of Mr Tose, most senior former Peregrine staff have secured new positions, although the whereabouts of Andre Lee, the former head of the fixed-income department, remains unclear. The bond department's actions were at the heart of Peregrine's failure.