MAS names sustainability head; Malaysia’s EPF appoints COO and CFO; GIC PE head for SEA leaves; State Super hires new exec; Hesta appoints chief growth officer, chief Debby Blakey appointed to corporate governance board; ex-BlackRock exec joins IQ-EQ in Singapore; HSBC AM builds direct real estate team; ex-Vanguard head of distribution joins LGIM; Sanne names Singapore head; and more
The firm's announcement stated that ôsubject to regulatory approvals and execution of a formal agreementö, it will buy the 25% stake held by Hathaway Investments. Hathaway is part of the Rajan Raheja group of companies and has been the Indian partner in Franklin Templeton Asset Management (India) since it started operating in the country.
Vijay Advani, executive vice president of Franklin Resources says: ôThe full acquisition of our Indian asset management arm reinforces Franklin TempletonÆs long-term commitment to India, a journey that started back in 1995.ö
The first fund launched by Franklin Templeton in India in September 1996 was the Templeton India Growth Fund. Since then it has regularly launched new offerings. In July 2002, Franklin Resources acquired Pioneer ITI in India. The new combined entity was one of the largest mutual fund houses in India, with a presence in all major Indian cities. Currently, it has offices in 33 locations across India and collection centres in another 45 locations. It manages assets of Rs239 billion ($5.3 billion) for around 1.9 million investors as of October 31, 2006.
Vivek Kudva, president of Franklin Templeton Asset Management in (India) said: ôWe are very excited about the tremendous growth potential for our business moving forward.ö Asset management companies are generally quite bullish on the India opportunity as retail investors have a low portion of their savings in mutual funds compared to developed countries.
The AU$85 billion ($61.6 billion) Australian super fund has some exposure to indebted property developer Evergrande. Meanwhile, China’s construction finance is part of its core strategy in real estate.
Investors are seeing the risks, but also the opportunities of the logistics sector. Warehousing their fears for the moment, they can see it's a good conduit to high-growth assets.
Insto roundup: GPIF staff say J-Reits more attractive than traditional assets; Hong Kong's strict Spac criteria
EISS Super hit by another scandal; China's CSRC launches consultation on disclosure requirements for new BSE securities; Hong Kong issues consultation paper on Spacs; New World Development partners with China Taiping to focus on Greater Bay Area projects; GPIF employees say Japanese Reits have grown more attractive; Taiwan's BLF invites bid for $1.7 billion mandate; and more
SGX’s new framework for Spacs will likely provide investors with a much-needed channel for direct deals, but the verdict is still out on whether it will bring liquidity to the bourse.