Andrew Ashton named CEO of Franklin Templeton Investments (ME) Limited
Dubai, June 14, 2011 - Franklin Templeton Investments (Middle East) Limited ("FTIMEL"), is the new name for Franklin Templeton's Middle East and North Africa (MENA) local asset management specialist group based in Dubai (formerly known as Algebra Capital Ltd.) The name change from Algebra Capital Ltd. to FTIMEL follows Franklin Templeton's completion of the Algebra Capital acquisition in January 2011. Franklin Templeton has been a strategic investor in Algebra Capital since 2007, acquiring its original 25% stake that year and increasing its stake to 40% in 2009.
Franklin Templeton believes that the MENA region, with a market capitalisation of US$ 910 billion (Source: Bloomberg, 5th June 2011) and a population of more than 300 million (Source: World Bank, September 2010), offers significant long term prospects for growth despite recent turmoil in the region.
"Franklin Templeton's acquisition of Algebra Capital reinforces our commitment to the MENA region and to the growth of our local asset management capabilities globally," said Andrew Ashton, FTIMEL's chief executive officer. "We are excited about our MENA equity, MENA fixed income, and Sukuk investment management capabilities and the ability to leverage Franklin Templeton's expertise around the globe. Looking ahead, we will continue to develop and offer investment strategies where we see local, regional and global demand."
"The Middle East offers investors exposure to one of the fastest-growing economic blocs in the world driven by record government spending and high oil prices", said Joe Kawkabani, FTIMEL's chief investment officer - equities. "The region, mostly represented by the Gulf countries, boasts low debt, strong sovereign balance sheets, stable currencies and very attractive equity market valuations compared to other emerging markets. The region also represents an important portfolio diversification opportunity as it is relatively under-represented in global portfolios."
Mohieddine (Dino) Kronfol, FTIMEL's chief investment officer - fixed income and sukuk, added, "Annual MENA debt issuance regularly exceeds USD 200 billion and is expected to increase further. In fact, MENA debt markets currently represent more than one third of the global Sukuk market and approximately USD 120 billion in investable corporate issues. With large infrastructure and development spending committed, the prospects for increased primary market activity, secondary market depth and liquidity as well as developing local currency bond markets continue to improve, offering investors an attractive investment proposition," concluded Kronfol.
FTIMEL is the most recent addition to Franklin Templeton's wholly owned Local Asset Management business, which also includes local investment management teams in Brazil, Canada, India, Japan, Korea, and the UK as well as the company's asset management joint ventures in Vietnam and China.
FTIMEL is a wholly owned company within Franklin Resources, Inc. [NYSE:BEN], a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series, Fiduciary Trust, Darby and Bissett investment teams. The San Mateo, CA-based company has more than 60 years of investment experience and over $735 billion in assets under management as of May 31, 2011.
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Copyright © 2011. Franklin Templeton Investments. All rights reserved.
Disclaimer
This press release is intended to be of general interest only, and does not constitute professional advice. Franklin Templeton Investments and its management groups have exercised professional care and diligence in the collection and processing of the information in this press release. Franklin Templeton Investments makes no representations or warranties with respect to the accuracy of this document. Franklin Templeton Investments shall not be liable to any user of this report or to any other person or entity for the inaccuracy of information contained in this press release or for any errors or omissions in its contents, regardless of the cause of such inaccuracy, error or omission. Any research and analysis contained in this document has been procured by Franklin Templeton Investments for its own purposes.
Issued by the branch of Franklin Templeton Investment Management Limited in Dubai ("FTIML"), authorized and regulated in the UK by the Financial Services Authority and regulated in Dubai by the DFSA. This marketing material is directed at professional clients. Dubai office: Franklin Templeton Investment Management Limited, Office No. 505, Building No. 3, Dubai International Financial Centre, P.O. Box 506613, Dubai, U.A.E., Tel.: +9714-4284100 Fax:+9714-4284140, www.franklintempletongem.com
Contacts:
Priyanka Geriya
Watermelon PR
Tel: (971) 4 2833 655
Fax: (971) 4 2829 566
Email: priyanka@watermelonme.com
Michael Jadalla
Marketing Director
Franklin Templeton Investments
Tel: (971) 4 4284 117
Fax: (971) 4 4284 140
Email: mjadalla@templeton.com
Issued by Franklin Templeton Investment Management Limited (FTIML) in Dubai, authorised and regulated in the United Kingdom by the Financial Services Authority and regulated in Dubai by the DFSA. Dubai office: Franklin Templeton Investment Management Limited, Office No. 505, Building No. 3, Dubai International Financial Centre, P.O. Box 506613, Dubai, U.A.E., Tel.: +9714-4284100, Fax:+9714-4284140, www.franklintempletongem.com
© Press Release 2011
