Mumbai, May 20 (IANS) 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 :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: IANS