Naganath will join the firm on November 23, and will be based at Franklin Templeton's Mumbai offices.
He will be responsible for introducing and growing the firm's efforts in the alternatives space in the country and will report to Mat Gulley, executive vice president and head of alternatives at Franklin Templeton Investments.
"Assets in Alternative Investment Funds (AIFs) have seen robust growth over the past few years amidst strong demand from high net worth individuals and family offices. Naganath is a highly regarded leader acknowledged by various industry stakeholders and peers for building a robust asset management business. We are delighted that he has chosen to join Franklin Templeton and look forward to establishing and growing our alternatives business in India under his leadership," said MD, EMEA and India, Franklin Templeton Investments, Vivek Kudva.
"I am delighted to lead the alternatives business for Franklin Templeton in India. The AIF industry has witnessed significant growth momentum in the past two years and I am confident that the best is yet to come. Franklin Templeton Alternatives plans to provide a wide selection of AIF products over time, to domestic as well as international investors," said Naganath.
Naganath brings with him, over 30 years of financial services experience and joins Franklin Templeton Investments from DSP Blackrock Investment Managers (DSPBR) where, as President and CIO, he led an experienced team of professionals to create a highly successful asset management business.
Affluent investors in India have long been keen on exploring alternative investment options to diversify their portfolio.
The SEBI initiative to introduce AIF Regulations in 2012 and the ongoing process by the Government to streamline taxation rules for such products have paved the way for AIFs gaining credence in the country.
With Franklin Templeton's strong global investment franchise, brand and distribution strengths, the firm is well positioned to capture significant market share in this burgeoning asset class. (ANI)