Singapore: US fund manager Franklin Templeton expects its Asian assets to grow by more than 60% to $50 billion (Rs2 trillion) in five years, driven by growth in South Korea, Taiwan and India, a senior executive said on Wednesday.
Mark Browning, managing director of Franklin Templeton’s Asian business, said Asian retail and institutional investors are increasingly investing in securities outside their home markets.
Franklin Templeton, part of Franklin Resources Inc., the largest publicly traded US asset manager, has total assets of $600 billion. Asia currently accounts for about 5%, according to Browning, but that is expected to rise as the firm expands its global footprint.
“The growth in assets here always surprises us to the upside,” Browning said. “The reason (behind this) is a growing appetite among both institutions and the public for investing internationally.”
Franklin Templeton’s Asian assets have grown about 30% since October to $31 billion, he said, almost hitting the firm’s full-year target in the first eight months of its financial year.
“For this financial year we actually hit our target for 2007, which was a substantial increase over 2006,” he said.