Franklin Templeton Investments, which manages about $377 billion in assets, increased its stake in Dubai's Algebra Capital to 40 percent on Monday and said it wanted to grow its business in the Middle East and North Africa.
Franklin Templeton, a unit of one of the largest publicly traded U.S. mutual fund managers Franklin Resources Inc (BEN.N), originally bought a 25 percent stake in the Dubai-based fund manager in Sept 2007, in the midst of an oil price rally that had left the world's top oil-exporting region flush with cash.
"This investment ... recognises the long-term opportunities in the (Middle East and North Africa)," William Yun, a Franklin Templeton Investments executive vice president, said in a statement.
No comments:
Post a Comment