For Immediate Release
September 4 2007
Algebra Capital noue une relation stratégique avec Franklin Templeton Investments
Le leader mondial de la gestion d'actifs acquiert une participation de 25 % dans un gestionnaire d'actifs de la région Moyen-Orient Afrique du Nord
Dubaï, Émirats Arabes Unis - Algebra Capital, gestionnaire d'actifs leader dans la région Moyen-Orient Afrique du Nord et Franklin Resources, Inc. (exploitée sous le nom de Franklin Templeton Investments) (NYSE: BEN) de San Mateo en Californie aux Etats-Unis, ont annoncé la création d'une coentreprise stratégique à travers laquelle Franklin Resources acquiert une participation de 25 % dans Algebra Capital.
" L'un des premiers objectifs de Algebra Capital était de s'associer avec un leader mondial de la gestion d'actifs afin d'accroître notre expérience collective et nos compétences dans la région et de renforcer notre position de leader de gestion d'actifs dans la région. Today's announcement is a confirmation that the first step towards this goal has been achieved," commented Ziad Makkawi, Chief Executive Officer and Founder, Algebra Capital. "We are pleased to make available to Franklin Templeton our considerable regional knowledge and expertise in both conventional and Shari'a compliant investing."
"Going forward, we look forward to leveraging Franklin Templeton's extensive global platform, product development expertise and established distribution network in bringing innovative investment strategies to investors in the MENA region and beyond, as well as developing our private equity business," concluded Makkawi.
The venture will expand Franklin Templeton's local asset management capabilities - which currently include Brazil, Canada, China, India, Japan and Korea - to the MENA region. In addition, Algebra Capital's private equity business will complement that of Franklin Templeton's private equity arm, Darby Overseas - a leading provider of private equity and mezzanine finance in emerging markets such as Latin America, Asia and Central & Eastern Europe - by permitting Algebra and Darby to leverage their respective areas of expertise to collaborate on private equity opportunities in the MENA region.
"One of the ways that we have built Franklin Templeton's global business is by making strategic investments in local asset management companies and working with well-qualified investment professionals who understand both their domestic markets and the world class standards of an international firm like ours," stated Greg Johnson, President and Chief Executive Officer of Franklin Resources, Inc. "We see tremendous opportunity to grow our business in the Gulf and the greater Middle East/North Africa region, and Algebra's experienced team in the regional markets make it a solid strategic investment for our organization."
Franklin Templeton established its presence in the Gulf in October 2000, and currently offers a range of offshore investment funds through Franklin Templeton Investment Management Limited Dubai, which supports its distribution partners across the MENA region.
"As money flows into the private sector and employment opportunities are expanded, the MENA region's emerging middle class is developing an increasing need for and interest in investment products," said Harshendu Bindal, CFA, Franklin Templeton's UAE-based Senior Director for the Central and Eastern Europe, Middle East and Africa regions. "By working with Algebra Capital, we will be able to expand the offerings we are bringing to MENA region investors, to include locally managed funds."
With the regional asset management industry poised to continue growing rapidly, Algebra Capital estimates that the size of professionally managed funds will triple over the next five years to over USD 200 billion
. "Algebra Capital intends to assume a leadership position in this space, and this strategic relationship with Franklin Templeton strengthens our ability to deliver on that promise," concluded Ziad Makkawi. The combined expertise of Franklin Templeton and Algebra will establish international standards in the MENA region to drive the influx of international capital, further positioning Algebra Capital as the preferred partner of choice for international institutional investors."
About Algebra Capital:
Algebra Capital is the specialist emerging markets asset management firm that provides investment services tailored to institutional investors and high net worth individuals. The firm manages assets in private and public markets across all classes and services including fund solutions, discretionary mandates and structured products. Algebra Capital places a premium on attracting international capital flows to its target markets, namely the Middle East/North Africa (MENA). Operating out of the Dubai International Financial Center (DIFC) in the United Arab Emirates, Algebra Capital is regulated as a financial services provider by the Dubai Financial Services Authority (DFSA).
About Franklin Resources:
Franklin Resources, Inc. (NYSE:BEN), is 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 and Fiduciary Trust investment teams.The San Mateo, CA-based company has 60 years of investment experience and over US$621 billion in assets under management as of July 31, 2007. For more information, please visit franklintempleton.com.
For more information, please contact:
Algebra Capital (MENA & Asia):Arwa Hamdieh,Corporate Communications Manager,Algebra CapitalTel: +971 4 4250965Email: [email protected]
Franklin Templeton Investments:Pradeep Kumar,Watermelon PRTel: +971 4 283 3655Mob: +971 50 351 2901Email: [email protected]
Press Enquiries MENA / Asia:Aimee Peters, Buchanan Middle EastTel: +971 4 369 8563Mob: +971 50 286 8796Email: [email protected]
Press Enquiries Europe & US:James Strong, Buchanan CommunicationsTel: +44 207 466 5000Mob: +44 7884 181081Email: [email protected]
This information is provided by RNSThe company news service from the London Stock Exchange