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Franklin Templeton launches new funds in Singapore

SINGAPORE
Sun Oct 28, 2007 6:44am EDT

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SINGAPORE (Reuters) - Fund manager Franklin Templeton launched 38 new funds in Singapore on Sunday, more than doubling its fund offerings in the city-state as it seeks to tap growing wealth management opportunities in Asia.

The new funds include its Asian Flex Cap Fund, a Mutual European Fund that seeks opportunities in merger arbitrage and distressed debt situations in Europe, and a Natural Resources Fund.

The new offerings take the total number of funds in Singapore at Franklin Templeton, part of the largest publicly traded U.S. asset manager Franklin Resources Inc (BEN.N), to 58.

Stephen Grundlingh, the Singapore country head for Frank Templeton Investments, said the wealth management industry in Asia is estimated to grow by $350 billion over the next ten years.

The firm said Singapore's retail fund market has grown at a rate of 23 percent year-on-year from 2001 to 2006.

California-based Franklin Templeton Investments manages over $645 billion on behalf of institutional and retail investors.


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