Home / Mutual Funds / News /  Franklin Templeton appoints Avinash Satwalekar as president of India business

Asset management company, Franklin Templeton (India), on Thursday announced that Avinash Satwalekar, who is currently the country head of Malaysia business, will replace Sanjay Sapre as the president of India business.

As per the fund house, Sapre will join Franklin Templeton’s digital strategy and wealth management division in July. On the other hand, Satwalekar will relocate to India as president–designate effective 1 April and take over as the president of India AMC from Sapre in June 2022.

Sapre will be responsible for developing and leading the firm’s consumer-oriented capabilities globally, with a special emphasis on helping distribution partners grow their digital propositions. He will continue to be based in India in his new role and will remain on the India AMC board.

Commenting on the appointments, a Franklin Templeton spokesperson, said: “We would like to thank Sanjay (Sapre) for leading the India business with distinction over the last six years, including through the challenging period since April 2020, when the Trustee announced the winding up of six fixed income funds. Since then, over 103% of the aggregate reported AUM value across those six funds when the decision to wind up the funds was announced, has been distributed to investors so far."

“As the incoming president, Avi (Satwalekar ) will work closely with all stakeholders to build our India business and strengthen relationships with clients and distributors. Avi’s extensive experience in both investment management and business development makes him an ideal candidate to lead our India business which is well-positioned for growth."

Satwalekar joined Franklin Templeton in 1996 as a part of the Franklin Equity Group in San Mateo, California, where he was a member of the portfolio management team for the Franklin Small Cap Growth strategy and a lead portfolio manager for private separately managed small cap accounts. He has been country head of Malaysia for the past five years and also serves as chairman of Vietcombank Fund Management (VCBF), a joint venture between Franklin Templeton and Vietcombank in Vietnam.

As per the fund house, Satwalekar has been instrumental in Franklin Templeton’s rapid growth in Malaysia primarily due to the strong relationships that he built with clients, partners, distributors, and regulators.

Unable to meet redemption pressure, Franklin Templeton had frozen redemptions in six debt funds —Low Duration Fund, Dynamic Accrual Fund, Credit Risk Fund, Short Term Income Plan, Ultra Short Bond Fund and Income Opportunities Fund — on 23 April 2020, with combined assets of around 26,000 crore.

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