Franklin Templeton Investment Services, of San Mateo, Calif., recently launched a $270 million Korean fixed income high-yield debt fund that will be wholly funded by the Korean Development Bank in Seoul, and will be closed for three years. If the fund is successful, Franklin Templeton said it will offer similar products to clients in the future.

The new fund will invest in equities and bonds, but the bulk will be high-yield debt. The firm will charge a management fee of 30 basis points and the product will be distributed by Good Morning Securities.

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