Word: templeton
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...Harvard Management Company (HMC) agreed to divest itself of shares in Templeton Asset Management’s China World and Dragon funds, in which it had invested a combined $115 million of the University’s $18 Billion endowment. In return, HMC will be permitted to sell those shares at a price above the shares’ market value...
...Templeton officials could not be reached for comment...
...feud between Templeton and HMC arose from a dispute over share price. HMC said it believes that the China and Dragon funds trade at excessively low prices, reflecting poor management. Templeton said the funds’ growth should allay those concerns...
...Templeton responded by proposing to make the fund open-ended, which would raise share price...
...once supported this idea, but now calls it a “sham proposal” because it said Templeton simultaneously tried to convince shareholders to vote against the proposal. This maneuver, according to HMC, was intended to “give the appearance that the managers were (belatedly) serious about addressing the persistent discount,” while Templeton was not actually addressing the issue...