Franklin Gets OK to Sell Funds in S. Africa

Franklin Resources Inc. said it received approval to market unit trust funds in South Africa, the first time Franklin will sell such funds abroad. The move makes the San Mateo-based asset manager the first non-South African company to offer unit trusts in the local market, according to Cerulli Associates Inc., a Boston-based research group. Unit trusts are the equivalent of mutual funds. Boston-based Fidelity Investment Co. and New York-based Alliance Capital Management also market funds in South Africa, but through alliances with local banks and asset management firms. Franklin, which has had offices in South Africa for more than two years, plans to introduce four funds this week and more in the months ahead, the company said. The funds are expected to concentrate on South African securities.