April 3 (Bloomberg) -- Franklin Resources Inc., manager of the Franklin and Templeton mutual funds, said top-ranked bond investor Michael Hasenstab will run a newly created U.S. mutual fund that will invest in emerging market debt.
The Templeton Emerging Bond Fund will buy bonds from governments and corporations, the San Mateo, California-based company said today in a statement. Laura Burakreis will co-manage the fund with Hasenstab, best-known for his $70 billion Templeton Global Bond Fund, which outperformed 90 percent of peers over the past five years, according to data compiled by Bloomberg.
“We remain encouraged about the growth prospects and low indebtedness of many emerging markets,” Hasenstab said in the statement, citing strength in Asian economies outside of Japan, and in some countries in Latin American and Europe.
Franklin managed $814 billion as of Feb. 28. Its shares have gained 17 percent in 2013, ahead of the 15 percent gain in the 20-member Standard & Poor’s index of custody banks and asset managers.
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