US-based investment manager Franklin Templeton has officially commenced its operations in Riyadh after securing licensing approval from the Saudi Capital Market Authority (CMA).
The company has been granted the “Managing Investments and Operating Funds” as well as the “Advising” licenses, as announced by the CMA on Wednesday.
Jenny Johnson, President and Chief Executive of Franklin Templeton, expressed her enthusiasm about the launch, stating, “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.”
Muneera Al-Dossary, CEO of Franklin Templeton Saudi Arabia, highlighted the significance of the firm’s presence in Saudi Arabia, stating, “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.”
Franklin Templeton is renowned as one of the world’s largest global asset management companies, managing assets worth $1.6 trillion.
With nearly 25 years of presence in the region, the firm has been serving some of the world’s largest sovereign wealth funds, central banks, family offices, and global private banks based locally.
In 2018, Franklin Templeton further solidified its commitment to the Saudi market by listing its Franklin FTSE Saudi ETF on the New York Stock Exchange, providing investors with targeted exposure to large and mid-size companies in Saudi Arabia.
The launch of Franklin Templeton’s operations in Riyadh signifies its dedication to catering to the needs of Saudi investors and contributing to the growth and development of the local asset management industry.