Reuters – Franklin Templeton Investments, which manages $621 billion in assets, has bought 25 percent of Dubai’s Algebra Capital Ltd and wants to grow its business in Arab markets, it said on Tuesday.
Franklin Templeton is a unit of Franklin Resources Inc. (BEN.N), the fourth-largest publicly traded U.S. fund manager.
Algebra expects the value of assets in the professionally managed funds in the Middle East and North Africa to triple over the next five years to more than $200 billion, it said in a statement announcing the deal.
The two companies declined to disclose the value of the deal, which gives Franklin Templeton two seats on Algebra’s board.
