Franklin Templeton has raised $475 million from its latest QDII fund IPO in China. The fund is launched under the Industrial & Commercial Bank of ChinaÆs QDII quota. The new fund is a fund of fund product with three underlying investments in the Templeton Asian Growth Fund, the Templeton Bric Fund and Templeton Global Total Returns Fund.

This marks ICBCÆs third QDII offering to Chinese retail investors. It also marks TempletonÆs recent expansion in China. Previously, TempletonÆs funds were also selected by Bank of ChinaÆs investment team for its proprietary QDII product. The fund manager has secured a joint venture with the countryÆs biggest insurer China Life to manage for its international investments.

The Templeton BRIC fund is managed by emerging market guru Mark Mobius. With total size of $2.1 billion, it currently allocates 32.16% to energy stocks, 23.34% to industrial materials, 9.75% to financials, 5.41% to consumer goods and 5.71% to utilities. As of end-September, it provided a 38.94% return - 6.4% higher than MSCI emerging markets over the same period.

The Templeton Asian Growth Fund is another offering by Mobius. Independent fund rating agency Morningstar has given the fund a five-star rating. Year to date, it has provided a 50.52% return. Its current top holdings include Aluminium Corp of China, PetroChina, China Petroleum, SK Energy and Hyundai Development.

Also rated by Morningstar in the five-star category is Michael HasenstabÆs Templeton Global Total Return Fund. At a year-to-date return of 9.39%, it provides a portfolio of fixed and floating rate debt securities and debt obligations. Bank QDII regulations require about 50% allocations to fixed income products.

Based in San Mateo, California, Franklin Templeton has more than 60 years of history and manages over $669 billion worldwide today.