Puerto Rico weighs on Templeton funds muni bond business
July 30 (Reuters) - Franklin Resources Inc Chief Executive Gregory Johnson said Wednesday that investors made net withdrawals of $400 million from the company's Templeton municipal bond funds during the fiscal third quarter, a trend that may continue in the short term as they fret over Puerto Rico's chronic fiscal woes.
Johnson said ongoing headline risk around cash-strapped Puerto Rico may continue to affect municipal bond flows in the short term. He made his remarks on a pre-recorded call to coincide with the release of the company's financial results for the three months that ended June 30. (Reporting By Tim McLaughlin)
© Thomson Reuters 2017 All rights reserved.