is tapping its local talent as stock pickers for its new Franklin India Growth Fund. The portfolio team for the fund will consist of 11 investment professionals based in Chennai. The team is part of Franklin Asia and includes Indian natives led by Stephen Dover, managing director and international chief investment officer. Purav Jhaveri, vice president and senior investment strategist, is the fund's co-manager.
Also Tuesday, Franklin executives said they have purchased a 49-percent stake in Vietcombank Fund Management
, an investment management firm currently focused on private equity investment in Vietnam. San Mateo, California-headquartered Franklin also plans to partner with Vietcombank to make its investment funds available to Vietnamese investors down the road.
“We see great opportunity in Vietnam with rising income levels among Vietnamese investors and a low
penetration rate for mutual fund investments,” said Mark Browning
, co-CEO of Templeton Asset Management Limited and managing director, Asia for Franklin Templeton International.
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