Franklin Templeton has announced that it has officially launched operations in Riyadh, Saudi Arabia, after receiving its ‘Managing Investments and Operating Funds’ and ‘Advising’ licences from the Capital Market Authority.
Jenny Johnson, President & CEO, Franklin Templeton, commented: “The Middle East is a key region for Franklin Templeton. We are delighted that Saudi Arabian investors now have local access to the firm’s global strength through its robust global platform and public and private market offerings.
“Local clients will have a wide choice of investment solutions across asset classes, styles and geographies, including its considerable $256 billion global alternatives platform; its knowledge hub through the FT Academy and FT Institute as well as its fintech and digital ecosystem.”
Long track record
With $1.6 trillion in assets under management, Franklin Templeton is one of the world’s largest global asset management companies. The firm has a long track record of successful acquisitions including Legg Mason, Benefit Street Partners, Lexington Partners, Alcentra and Putnam Investments, which brought new capabilities to its traditional asset offerings and substantially expanded its alternatives capabilities in private credit, secondary private equity and co-investments, and real estate. These new capabilities complement Franklin Templeton’s existing strengths in traditional global equities and fixed income, multi-asset solutions, ETFs and hedged strategies.
Sandeep Singh, Head of CEEMEA & India, Franklin Templeton, commented: “This office launch marks a key milestone for our Middle East business. Through our local team in Riyadh, we are excited to expand our global footprint and deepen existing relationships with institutional clients and distribution partners in the country.”
He continued: “Saudi Arabia’s Vision 2030 is fostering a favourable environment for the asset management industry to grow, and we continue to see great interest in customised solutions for traditional fixed income and equity and Shariah compliant strategies, as well as growing demand for alternatives, including private credit, secondary private equity and private real estate.”
Pioneer in emerging market
Franklin Templeton is a pioneer in emerging market investing with a long track record of establishing a presence in developing countries over the firm’s 75-year history. In the Middle East, the firm is known for being an early entrant within the global asset management industry, having operated in the region for approximately 25 years and serving some of the world’s largest sovereign wealth funds, central banks, family offices and global private banks based locally. In 2018, the firm also listed its Franklin FTSE Saudi ETF on the New York Stock Exchange to provide investors with targeted exposure to large and mid-size companies in Saudi Arabia.
Muneera AlDossary, CEO of Saudi Arabia, Franklin Templeton, added: “Having joined Franklin Templeton a few months ago, it’s an exciting time to be part of the firm and to launch this office. Saudi Arabia is transforming its economy at a rapid pace, and we are looking forward to contributing to the development of its local asset management industry through innovative investment solutions and training of local talent.”
The firm’s Riyadh team includes Mena equity, Mena fixed income and Global Sukuk professionals who are supported by the global scale and resources of Franklin Templeton. Its new office is located in Riyadh, Northern Ring Rd, Hittin District 13512.--TradeArabia News Service
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