Franklin Templeton India has returned ₹27,109 crore to investors of six debt schemes that were abruptly closed due to heavy redemption amid liquidity crisis in the debt market amid Covid pandemic breakout in April, 2020.
As of July 31, these funds payment accounts for 108 per cent of the aggregate reported AUM value across the six funds as of April 23, 2020.
Five out of six schemes have liquidated all performing assets and extinguished all units, said a spokesperson of the fund house on Tuesday.
On April 24, 2020, the funds had collective assets under management of about ₹25,215 crore.
At the time of each distribution, the Net Asset Value of each of the schemes was higher than it was on April 2020.
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The total amount disbursed ranges between 100 per cent and 113 per cent of the respective reported AUM values of the six funds as of April 2020.
The Trustee of Franklin Templeton Mutual Fund in India took the difficult decision to wind up these funds. The voluntary decision to shut the schemes was taken with the sole objective of preserving value for fund unit holders via a managed sale of the funds’ portfolios, he added.
Franklin Templeton India has also appointed Rahul Goswami as the Chief Investment Officer and Managing Director, India AMC Fixed Income.
Goswami will oversee the fixed income functions of the locally managed and distributed debt schemes of Franklin Templeton Mutual Fund.
Prior to joining Franklin Templeton, Goswami was the CIO of fixed income at ICICI Prudential Asset Management.
He has over 24 years’ experience managing fixed income funds investing in government securities, corporate bonds, besides monitoring key economic developments.
Santosh Kamath, current Chief Investment Officer (CIO) of India AMC Fixed Income funds will assume a new role as the President and CIO of Franklin Templeton Alternative Investments India from Tuesday.
Web Title – Franklin Templeton repays 100% in 5 of 6 suspended debt schemes