Franklin Templeton Investments has made a deal for a one-quarter, minority stake in a Dubai money manager. Algebra Capital Ltd claims $621 billion in AUM. Franklin will also take two seeks on Algebra's board. The purchase is intended to increase Franklin's stake in Arab markets which could grow to $200 billion in total AUM. The pricing on the deal was not disclosed.
"We see tremendous opportunity to grow our business in the Gulf and the greater Middle East-North Africa region," Greg Johnson, chief executive of Franklin Resources said in the statement.
Sean Hanna, Editor in Chief
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