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Exclusive: Franklin Templeton streamlines equity range

Exclusive: Franklin Templeton streamlines equity range

Franklin Templeton is streamlining its equity range with the closure of three Asia-focused funds and rolling several global equity approaches into one fund, Citywire Selector has learned.

On the Asian equity side, the $3.04 million Templeton Asian Dividend fund, which is currently managed by Mark Mobius and Tom Wu, will be closed on October 25.

This is while the $3.43 million Templeton ASEAN fund, managed by Mobius and the $4.85 million Templeton Shariah Asian Growth fund, managed by Allan Lam and Eric Mok, will close to all investors in December.

A spokesperson for the asset manager confirmed that the board of directors of the funds had taken the decision to shut the funds due to assets.

‘Given the funds’ relatively small sizes, the boards believe it is no longer in investors’ interests to keep the funds open.

'Shareholders in those funds will be given the option to redeem their shares or switch to other sub-funds within the fund ranges,’ a spokesperson for the asset manager said.

Global equity merger

The asset manager has also decided to merge two funds into the $310.4 million Franklin World Perspectives fund managed by Stephen Dover and Purav A. Jhaveri on January 19 2018.

The $121.03 million Franklin Global Equity Strategies fund managed by Matthias Hoppe and Tony Coffey and the $87.04 million Franklin Global Growth fund managed by Coleen F. Barbeau and Donald Huber will be rolled into the fund.

Dover and Jhaveri will manage the resulting fund and there will be no other changes to the name of the fund or the investment process.

‘Both merging sub-funds provide investors access to globally diversified portfolios and share similar medium to long-term investment objectives as the receiving sub-fund.

'The board believes the merger of these sub-funds into a single portfolio, is in the best interest of shareholders and will offer economies of scale to them,’ the spokesperson said.

To see the performance of the funds relative to their sector peers, please click on the fund links.

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