The changes are effective immediately
Three balanced funds will merge into others near the end of October
New fund aims to maximize total return through income and capital appreciation
The products invest in Franklin Bissett mutual funds
The firm also changed the risk rating of a fund and the investment strategies of two others
New rules would prevent funds from using derivative transactions to convert ordinary income into capital gains
He replaces Sheila Murray, who retired earlier this year
Net sales for ETFs were $4 billion, compared to $719 million for mutual funds
Another fund has been terminated
Certain series will terminate in October