Bankers said Templeton and Merrill Lynch were talking to several Western banks in Moscow to arrange custodian facilities for the fund. No date has been announced for the launch.
The Franklin/Templeton group, a world leader in emerging-market funds, has also announced plans to open an office in Moscow.
Templeton has said that the planned Russia fund, which will be closed-end, will be listed on the New York Stock Exchange and eventually on the Big Board.
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