Franklin Templeton lays off 20 employees
Source | economictimes.indiatimes.com | Prashant Mahesh, ET Bureau
MUMBAI: Franklin Templeton Mutual Fund has asked 20 of its employees to leave the firm with the fund house under fire for shutting down six of its debt schemes and under-performance of some of its top equity schemes. The laid-off executives were mostly part of sales, including cluster heads and relationship managers, said sources. The lay-offs at Franklin could be one of the biggest by an asset manager in the domestic mutual fund industry in recent years.
In response to an email query, a Franklin spokesperson told ET, “These departures are the result of restructuring in our local distribution and allied teams to ensure that we are efficiently organised and resourced to create a sustainable organisation positioned for long-term growth.”
Franklin’s reputation among investors and investment advisors took a hit after the fund house on April 23 decided to wind down six debt schemes, which manage assets worth Rs 26,000 crore, putting redemptions on hold indefinitely.