India focus country: Franklin Temp'
The other three 'focus countries' for the company are Britain, Germany and Italy.india Updated: Feb 17, 2006 14:14 IST
Franklin Templeton, the world's largest listed fund manager, has identified India as one of its 'focus countries' for 2006 for aggressive expansion outside the United States.
Greg Johnson, chief executive, told the Financial Times that in India, Franklin wanted to cement its position as the country's biggest fund manager following the 2002 acquisition of Pioneer Investment Management (India).
The other three 'focus countries' for the company are Britain, Germany and Italy.
"The obvious place where we are not as strong as we might be is the UK," Johnson said.
Johnson told the newspaper that the British market was of increasing interest because of "depolarisation", the new regulatory environment that allows banks to distribute third-party funds.
Germany and Italy, he said, promised strong growth because of pension reforms and moves to open-architecture distribution. Besides internationalising distribution, Franklin will also continue to shift its funds' investment focus away from the US, the report said.
"At the moment, $200 billion is invested outside the US. We would expect that to grow further," Johnson said.
Franklin sells its funds in 100 countries around the world and 38 per cent of its net asset inflows now come from non-US clients. It operates funds under six brands: Franklin, Templeton, Mutual Series, Bissett, Fiduciary Trust and Darby.