Franklin Templeton India, after its acquisition of Chennai-based Pioneer ITI Asset Management Company, is launching an international bond fund in the next two months, a senior official of the company said.
The company has already filed for permission to launch the bond fund with the Securities and Exchange Board of India.
Suraj Kaeley, senior vice president, sales and marketing, Templeton Asset Management India Pvt Ltd, said the company hoped that the international bond fund would find a significant market in India.
The Franklin Templeton International AAA Fund has been designed to suit the interests of Indian investors having ongoing dollar terms expenditure commitments abroad and wanted not to be affected by the fluctuations in rupee value, he said.
The company is slated to introduce more international financial products in the Indian market with the recent relaxations in regulations for allowing domestic funds to be invested overseas and the Central government's plans to introduce full convertibility.
The merger with Pioneer ITI had also provided the company the scales to accelerate usage of India as a hub for the company's global back up processing activities, he said.
Franklin Templeton had as part of its acquisition of Pioneer ITI also acquired the BPO operations of Pioneer ITI.
The merger of Pioneer ITI and Franklin Templeton has created a major private sector fund with about Rs 8,300 crore in asset management across 40 funds, and presence in 34 locations across India.
The combined entity will be the largest in terms of investors among the private sector players, which stands close to 9 lakh. The existing fund managers at Franklin Templeton and Pioneer ITI will continue with the same organisation officials of the company said.
