Franklin Templeton Investment Corp. launches new Middle East and North Africa Fund.
Source: Newswire.ca
TORONTO, Nov. 17 /CNW/ - Franklin Templeton Investments Corp. today
introduced the new Franklin MENA Fund for Canadian investors. The fund will
invest in companies across the Middle East and North Africa region, as well as
companies positioned to benefit from growth in these economies.
The fund will be managed by Franklin Templeton Investments Corp., with
Dubai-based asset manager Algebra Capital Limited acting as sub-advisor.
Franklin Templeton Investments acquired a 25 per cent stake in Algebra Capital
in August 2007.
"The MENA region is expected to grow at a strong pace in the coming years
due to the rise in massive infrastructure spending and the emergence of
business sectors, such as logistics, banking, construction, petrochemicals and
fertilizers," said Joe Kawkabani, head of equity asset management, Algebra
Capital.
"Even if crude oil sinks below $50 U.S. per barrel, this should not deter
government spending on roads, hospitals and school. We expect that companies
across the region stand to gain from this growth."
Don Reed, president and chief executive officer, Franklin Templeton
Investments Corp. said, "Algebra Capital has one of the most experienced
equity investment teams in the MENA region."
"Algebra has on-the-ground presence, conducts regular onsite company
visits, speaks the local language and understands the culture. The new MENA
fund will provide investors with access to markets that they do not currently
hold in their portfolio and provide further diversification."
The objective of the fund is long-term capital appreciation by investing
primarily in equity and fixed income securities of companies located in, but
not limited to the Kingdom of Saudi Arabia, United Arab Emirates, Kuwait,
Qatar, Bahrain, Oman, Egypt, Jordan, Morocco, and in companies expected to
benefit from developments in the economies of these regions. Using a blend of
growth and value investment styles, the fund will be diversified across all
market capitalization ranges.
Franklin Templeton Investments Corp. is a wholly owned subsidiary of
Franklin Resources, Inc., a global investment organization operating as
Franklin Templeton Investments. In Canada, Franklin Templeton Investments
provides global and domestic investment advisory services to the Franklin,
Templeton, Bissett and Mutual Series funds, and institutional accounts.
Franklin Templeton Investments Corp. has more than 700 employees providing
services to more than 1.2 million unitholder accounts and more than 200
pension funds, foundations and other institutional investors. Franklin
Templeton Investments Corp. can be found at www.franklintempleton.ca.
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, Fiduciary Trust, Darby and
Bissett investment teams. The San Mateo, CA-based company has more than 60
years of investment experience and over US$426 (C$515 billion) in assets under
management as of October 31, 2008.
Algebra Capital operates out of the Dubai International Financial Center
(DIFC) and is regulated as a financial services provider by the Dubai
Financial Services Authority (DFSA). A leading emerging markets asset
management firm specializing in the Middle East/North Africa (MENA) region,
Algebra Capital manages assets in private and public markets across all asset
classes. Services are packaged as fund solutions, discretionary mandates or
structured products. Clients are a mix of institutional investors and high net
worth individuals. Particular attention and resources will be dedicated to
attracting international capital flows to their target markets, the MENA and
emerging Asia regions (MENASIA). Algebra Capital claims the longest combined
track record in the Middle East.
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Algebra Capital will manage assets in private and public markets across all asset classes. Our services will be packaged as fund solutions, discretionary mandates or structured products
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