Santosh Kamath, CIO for fixed-income, is widely acknowledged as having helped build the market for credit rated below AAA in India as a major buyer of those assets Santosh Kamath’s appetite for high-yield Indian debt helped create the nation’s market for lower-rated corporate bonds and turned him into one of the country’s best-known investors.
Now the Franklin Templeton manager’s embrace of risk is backfiring in spectacular fashion. In a surprise move that rippled through Indian markets on Friday, Franklin Templeton said it would wind up six fixed-income and credit-risk funds overseen by Kamath, freezing $4.1 billion of investor assets.