Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Mobius Eyes $1.6Bln in Investments

Templeton Asset Management said Friday that it would eventually like to put into Russia 20 percent of the $8 billion it invests in emerging markets. But before that can happen, the Russian stock market needs to increase transparency and diversify away from the oil industry.

"We would like to invest about 20 percent of our assets in Russia," said Mark Mobius, Templeton's well-known emerging markets fund manager.

Templeton has invested some $300 million in Russian companies to date.

Amtel, Russia's No. 3 tire producer, said Friday that Templeton had bought 4 percent of its shares for $10 million, with an option to buy another 2 percent in six months for $5 million.

"Our future actions will depend on the development of the Russian stock market. We would like to see the merger of stock exchanges so that trading becomes more transparent."

He also wants to see more companies like Amtel and food group Wimm-Bill-Dann, which "would mean investment could be more diverse," he said.