Franklin Templeton Launches Operations in Riyadh
In a significant move, US investment manager Franklin Templeton has officially commenced its operations in Riyadh after receiving licensing approval from the Saudi Capital Market Authority.
Licenses Acquired
The company has been granted the “Managing Investments and Operating Funds” and “Advising” licenses, as announced by the CMA on Wednesday.
A Key Region for Franklin Templeton
Jenny Johnson, the president and chief executive of Franklin Templeton, expressed her enthusiasm about the launch, stating, “The Middle East holds significant importance for Franklin Templeton. We are thrilled to provide Saudi Arabian investors with local access to our firm’s global strength through a robust global platform and various public and private market offerings.”
Contribution to Saudi Arabia’s Economic Transformation
Muneera Al-Dossary, the CEO of Franklin Templeton Saudi Arabia, emphasized the company’s commitment to contributing to Saudi Arabia’s rapid economic transformation. Al-Dossary stated, “We are eager to support the development of the local asset management industry through the introduction of innovative investment solutions and the training of local talent.”
Global Asset Management Giant
Franklin Templeton stands as one of the world’s largest global asset management companies, managing an impressive $1.6 trillion in assets. The firm has a strong presence in the region for nearly 25 years, catering to prominent entities such as sovereign wealth funds, central banks, family offices, and global private banks.
Expansion and Listing
In 2018, Franklin Templeton listed its Franklin FTSE Saudi ETF on the New York Stock Exchange, offering investors targeted exposure to large and mid-size companies in Saudi Arabia. This strategic move further solidified the company’s presence in the market and provided investors with enhanced investment opportunities.