Franklin Templeton officials today announced the launch of the Franklin India Growth Fund, a mutual fund available to U.S. investors run by the firm’s local Indian asset management team. The fund will invest in Indian equities and is available to both institutional and retail investors, said Stephen Dover, CIO for Franklin’s local asset management group.
“India is early in the takeoff phase of growth,” said Mr. Dover, adding the country’s improving infrastructure, growing income and increasing local consumption is fueling growth. In 10 to 20 years, “India could be another China,” he said. Mr. Dover expects the fund to cap at $1 billion.
