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Franklin buys Indian fund ventures for $89.7 mln

Money manager Franklin Resources said on Wednesday it paid $89.7 million in cash to buy the 25 percent interest in two Indian joint ventures that it did not own.

Franklin said in a filing it bought out the Indian joint ventures — Franklin Templeton Asset Management (India) Private Ltd. and Franklin Templeton Trustee Services Private Ltd. — in April.

Franklin, which started asset management operations in India in 1995 through the joint venture, announced last year it would buy out the Indian arm from its partner Hathway Investments.

The Indian asset management venture managed about $5.5 billion at the end of March, data from the Association of Mutual Funds in India showed. Globally, Franklin managed $601.1 billion in assets at the end of April.

Source : Reuters

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