Franklin Templeton is pleased to announce that it has officially launched operations in Riyadh, Saudi Arabia, after receiving its ‘Managing Investments and Operating Funds’ and ‘Advising’ licenses from the Capital Market Authority.
Industry sources added that with $1.6 trillion4 in assets under management, Franklin Templeton is one of the global largest asset management firms. The firm has a long track record of successful acquisitions including Legg Mason, Benefit Street Partners, Lexington Partners, Alcentra, and Putnam Investments, which brought its latest capabilities to its conventional asset offerings and substantially expanded its alternatives capabilities in private credit, secondary private equity and co-investments, and real estate.
Industry sources also affirmed that these latest capabilities complement Franklin Templeton’s existing strengths in conventional global equities and fixed income, multi-asset solutions, ETFs, and hedged strategies.
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.”
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 favorable environment for the asset management industry to grow, and we continue to see great interest in customized 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.”
Jenny Johnson, President & CEO, of 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.”
The firm’s Riyadh team comprises the 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.
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