The Hindu Business Line : Franklin Templeton launches Equity Income Fund

Franklin Templeton Mutual has launched Templeton India Equity Income Fund, a diversified equity fund that will invest in stocks in the domestic as well as international markets.

Up to 50 per cent of the assets will be invested in global stocks with high dividend yield, predominantly in emerging markets. The balance will be invested in dividend yielding Indian stocks. Mr Mark Mobius and Mr Chetan Sehgal will manage the fund. The offer closes on April 20. The minimum investment amount is Rs 5,000.

Sundaram Mutual has launched Sundaram Rural India Fund, which will invest in stocks of companies that have a rural focus, across sectors and market capitalisations. The offer closes on April 19.

Fidelity Mutual has declared its first dividend of 20 per cent. The record date is March 22.

UTI Mutual has declared a dividend of 18 per cent or Rs 1.80 per unit on UTI Balanced Fund, the record date for which is March 22. It has also declared a bonus of one unit for every ten for unit-holders of UTI-Children's Career Balanced Plan.

Franklin Templeton Investments has appointed Mr Vivek Kudva as President of its Asset Management business. Mr Kudva worked as General Manager of National Bank of Oman and, prior to that, as Country Head of HSBC's Personal Financial Services in India.

Sundaram Mutual's Joint Venture with BNP Paribas Asset Management (BNP PAM) is now effective. BNP PAM, upon acquiring 49.90 per cent in Sundaram Asset Management, will become the co-sponsor of the Sundaram Mutual. Unitholders who disapprove of the arrangement have been given an option to exit from the fund free of any load charges on or before April 21.

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