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Puerto Rico weighs on Templeton funds muni bond business
July 30, 2014 / 2:47 PM / in 3 years

Puerto Rico weighs on Templeton funds muni bond business

July 30 (Reuters) - Franklin Resources Inc Chief Executive Gregory Johnson said Wednesday that investors made net withdrawals of $400 million from the company’s Templeton municipal bond funds during the fiscal third quarter, a trend that may continue in the short term as they fret over Puerto Rico’s chronic fiscal woes.

Johnson said ongoing headline risk around cash-strapped Puerto Rico may continue to affect municipal bond flows in the short term. He made his remarks on a pre-recorded call to coincide with the release of the company’s financial results for the three months that ended June 30. (Reporting By Tim McLaughlin)

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