Things are looking up for Franklin Templeton Investments'
plans to sell mutual funds in China starting early next year. Franklin's Frank Liu
, chief representative for Franklin Templeton's Greater China operation, told Dow Jones Newswires
that the China Securities Regulatory Commission has granted Franklin permission to open an office for its effort.
The approval is allows the fund firm to prepare its business by obtaining office space and certain equipment, according to the report. The next step for Franklin will be to win approval for specific kinds of products and the markets in which they will be sold.
Franklin plans to enter the Chinese market as part of a joint venture with Shenzhen-based Sealand Securities Co.
It will hold up to a 33 percent stake in the joint venture. Foreign firms are allowed to own up to 49 percent of Chinese funds.
The fund firm hopes to start selling an equity-related fund by early 2004 and perhaps as soon as February.
Stay ahead of the news ... Sign up for our email alerts now