Franklin Templeton appoints Kotak Mahindra Bank to monetize assets in six wound-up
Franklin Templeton Trustee Services has appointed Kotak Mahindra Bank as an independent adviser to assist Franklin Templeton Asset Management (India) Private Ltd with all portfolio actions in six funds being wound up, including monetising their assets.
 
Kotak Mahindra Bank will assist through its Debt Capital Markets team.
 
The shut funds are Franklin India Low Duration Fund, Dynamic Accrual Fund, Credit Risk Fund, Short Term Income Plan, Ultra Short Bond Fund, and Income Opportunities Fund.
 
Sanjay Sapre, President, Franklin Templeton, India, said: "Franklin Templeton is committed to ensuring an orderly and equitable exit for all investors at the earliest possible time, and we will partner with the Board of Trustees and Kotak Mahindra Bank to ensure an efficient wind-up of these schemes, while preserving maximum value for our investors."
 
Sujata Guhathakurta, President of Debt Capital Markets, Kotak Mahindra Bank Limited, said: "Kotak Mahindra Bank is pleased to take on this assignment and is looking forward to working closely with the trustees and the AMC to assist them in wind-up of these schemes."
 
The company had on April 23 announced to shut the six credit funds due to liquidity issues amid the coronavirus crisis. The total assets under management (AUM) of the six shut funds stands at over Rs 25,000 crore.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    Udayan Dasgupta

    3 days ago

    PS: One more question from an ignorant person:
    Why are they smiling in the photograph, having let down investors so badly?

    Udayan Dasgupta

    3 days ago

    I wonder who bears the cost? Hapless investors? Do we even know what the cost is?
    What is their brief? Does being "independent advisor" include acting against the interests of FT and their masters if need be, when it is in the interest of investors? Who oversees the independent advisor? Are any investor representatives involved? Is SEBI involved?
    Does FT and Kotak Bank even care to inform investors and take their approval, given the circumstances? Or is this another cosy fee arrangement between financial firms?

    Ramesh Popat

    4 days ago

    Dr kotak has already critical icu patient called ilfs on life support. Dr should take care of his child, k bank!

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