Franklin Templeton Investments, the $268bn (€303bn) San Mateo-based fund manager, has teamed up with the Auda Group, an alternative investments adviser in New York, to provide hedge fund and private equity products.

Auda will provide fund-of-funds products in key alternative asset classes, including hedge funds and private equity. Auda, which has $1.6bn committed to alternative investments, specialises in private equity and venture capital funds, hedge funds, and via affiliates, property and biotechnology.