Franklin Templeton opens in Saudi Arabia with key hires to tap deals

Image courtesy: Jeenah Moon/ Getty Images

Global investment management firm Franklin Templeton has opened an office in Riyadh, Saudi Arabia, after securing its ‘managing investments and operating funds’ and ‘advising’ licences from the kingdom’s Capital Market Authority.

“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,” said Jenny Johnson, president & CEO of Franklin Templeton.

The investment management firm said clients in Saudi Arabia will have a wide choice of investment solutions across asset classes, styles and geographies, including its considerable $256bn global alternatives platform.

“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,” said Sandeep Singh, head of CEEMEA & India at Franklin Templeton.

“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.”

Franklin Templeton expands Middle East footprint

Franklin Templeton has been present in the Middle East region for approximately 25 years and serves some of the world’s biggest sovereign wealth funds, central banks, family offices and global private banks based locally.

The firm listed its Franklin FTSE Saudi ETF on the New York Stock Exchange in 2018 to provide investors with targeted exposure to large and mid-size companies in the kingdom.

“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,” said Muneera AlDossary, the CEO of Franklin Templeton, Saudi Arabia.

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.

Other boutique firms have also been opening up offices or adding staff in Saudi Arabia including Moelis & Co., Lazard, JPMorgan Chase & Co., and Rothschild.

Read: Saudi Arabia’s new regional headquarters mandate goes into effect