Franklin Templeton will be repositioning its Indian business into two separate entities: Templeton Asset Management (India) Pvt Ltd and Franklin Templeton International Services (India) Pvt Ltd.
The organisation has made some changes in its management structure elevating Rajiv Vij, regional head (India, West Asia and Eastern Europe), to the post of managing director, Asia.
Vij will be responsible for the firm's retail business in India, Singapore, Hong Kong and South Korea, though he will continue to be based in Mumbai.
Ravi Mehrotra has been appointed the president of the asset management company, while B Swaminathan will be the president of the services company.
Franklin Templeton has been working to enhance the linkages between its Indian staff and their counterparts in other countries.
Nilesh Shah, chief investment officer (fixed income) will work with Stephen Dover, international chief investment officer, in this area.
Chetan Sehgal, director, Templeton Research India, will continue to work with Mark Mobius, managing director, Templeton Asset Management Ltd. R Sukumar will take over as the senior vice-president and chief investment officer, Franklin Equity, and will be based in Chennai.
Suraj Kaeley will continue to be senior vice-president, sales and marketing.
Franklin Templeton said the asset management firm would focus on sales, marketing, investment management, portfolio risk management, human resources, and corporate accounting.
The services company will be responsible for transfer agency, customer service, fund accounting, technology, e-business, operational risk management functions, and for providing global technology and processing solutions.
The compliance function would continue to reside in the trustee company, the company said.
Talking about the structural changes, Vij said, "Franklin Templeton is excited about the multifarious opportunities for our business in India, and I believe the new entities will serve us well to provide the necessary focus and bring efficiency in our growing business and exposure in the country."
Franklin Templeton is one of India's leading mutual funds with around Rs 9, 444 crore (Rs 94.44 billion) of assets under management and an investor base of 875,000 on December 31, 2002.
It manages 40 schemes catering to investor requirements and offers different investment options. It has offices in 34 locations across the country.
