Citing low demand, San Mateo-based Franklin Resources, Inc.
will liquidate its Global Growth Fund and Global Aggressive Growth Fund on July 23, the company disclosed last Friday in a regulatory filing.
Franklin's board of trustees voted to shut the funds down on May 12. The funds will close to new investments on May 28 and to additional non-Franklin trustee and custodian retirement plan investments on July 16.
The funds, launched in December 2000, had $4.3 million in assets as of April 30.
John Remmert and William C. Bunting co-manage both of the funds. Both will remain with Franklin and manage global and international growth strategies for institutional clients.
"Given the difficult markets in the two years following their launch, demand for the funds has been less than originally anticipated," said Matt Walsh, company spokesman.
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