Naganath Sundaresan will be new head at Franklin temple ton alternatives in India

NEW DELHI: while on Nov.22nd Franklin Templeton investment subsidiaries to Franklin Resources Inc. an American based holding company with its subsidiaries is a global investment firm founded in New York City. As Franklin Templeton Mutual Fund, which is India’s eight largest asset management company by assets under management, has appointed Naganath Sundaresan as the head of its India alternative investment fund division as company announced on Wednesday.

Nagnath will be directly report to Florida- Based Mat Gulley the executive vice president and head of alternatives, Templeton Investments as he will take up responsibilities at Franklin on 23rd November. The Gulley said “Franklin Templeton continues to build on the meaningful global presence it has created in the alternatives business and …. To extend these capabilities to India”. Franklin Templeton Mutual Fund, which as per record had Rs. 94,676.91 crore ($14.58 billion) in asset under management in third quarter of 2017, with looking forward to expand its alternative fund business in India.

Broadly speaking alternative investment is an asset that is not one of the convention investments like stocks bonds and cash as most alternative investment assets are held by institutional investors or accredited high net worth individuals or to say investment using strategies that go beyond traditional ways of investing. In 2012 Market regulator Securities and Exchange Board of India (SEBI) had introduced AIF’s with view to supervise the unregulated fund markets in India with comprising private equity funds, real estate funds and hedge funds, beside encouraging new capital formation and protecting investors, till date it has more than 300 AIFs registered with SEBI. In India growing number of wealthy investors are investing in diverse AIFs, indicating deepening of public markets in India. With that in mind according to Franklin statement Affluent investors in India have long been on exploring alternatives investment options to diversify their portfolio.

While Nagnath is said to be highly regarded leader acknowledge by various industry stakeholders and peer building high profile management business, also being attached to the financial services for over 30 year and vast experience. However portfolio also shows as he joins Franklin investment from DSP Blackdrop Investment Managers (DSPBR) where as president and CIO has led experience team of professional to create a highly successful asset management business. He was very instrumental in launching DSPBR’s alternatives business in 2014. Having Nagnath also worked with Credit Suisse Asset Management in New York and Merrill Lynch Asset Management in Hong Kong.