Franklin Templeton launches operations in Saudi Arabia

US investment manager Franklin Templeton has launched its operations in Riyadh after being licensed by the Saudi Capital Market Authority.

The company obtained the “Managing Investments and Operating Funds” and “Advising” licenses, the CMA announced on Wednesday.

Commenting on the launch, Jenny Johnson, president and chief executive of the US firm, said: “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 said “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 one of the world’s largest global asset management companies, With $1.6 trillion in assets under management.

The firm has been operating in the region for nearly 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, it 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.