Franklin Templeton India MF to launch fund of funds scheme

MUMBAI: Franklin Templeton Investments (India) is planning to launch an open-ended fund of funds scheme 'Franklin India Feeder-Franklin European Growth Fund'.

The new fund offer will open for subscription on April 25 and closes on May 9, 2014.

As per the fund house, the new scheme will invest in Luxembourg domiciled Franklin European Growth Fund, which primarily invests in businesses in European region.

"Europe constitutes 24 per cent of the world's GDP and several European companies have demonstrated strong competitive advantage ... . Adding an international fund with exposure to European economies can help investors reduce the potential portfolio risk over the medium to long-term," Managing Director India of Franklin Templeton Investments, Vivek Kudva told reporters here.

He said this new fund was a differentiated product as compared to few others in the market.

"With European equities have posted strong gains over the past year, valuations remain attractive in numerous pockets," the fund house said.