LONDON Oct 10 U.S. fund manager Franklin
Templeton said on Monday it was launching a new global currency
fund headed by its star bond investor Michael Hasenstab and one
of his chief lieutenants.
Hasenstab, who has made his name buying markets shunned by
others, such as Ireland at the height of its debt crisis, said
the new fund would take "long" or "short" exposure to currencies
of any country, including developed and developing markets.
"While our investment philosophy and approach to managing
currencies has remained unchanged over nearly three decades,
this new fund enables us to focus on our high-conviction
currency views," California-based Hasenstab said.
The new fund's other main manager will be Sonal Desai, who
is senior vice president and director of research at Templeton's
flagship $130 billion global macro division.
The launch comes at time of high volatility in global
foreign exchange markets, with Britain's pound and
Japan's yen both moving more than 15 percent against the
dollar this year, while several big emerging market currencies
have soared. (For graphic click bit.ly/2e33uhH)
(Reporting by Marc Jones; editing by Andrew Roche)