US investment house awarded DIFC licence

Franklin Templeton becomes first US investment house to be awarded licence to operate in the DIFC zone.

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By  Mark Johnson Published  December 6, 2004

Leading US investment house, Franklin Templeton, has become the first US firm to be awarded a licence to operate in the Dubai International Financial Centre (DIFC). The US investment house is the fifth company, overall, to be awarded a licence by the DIFC regulatory body, the DIFC Financial Services Authority (DFSA). The licence was awarded to Franklin Templeton Investment Management Limited (FTIML), a subsidiary of Franklin Resources, one of the world's largest asset management companies, with over US$371 billion in assets under management. FTIML specialises in a range of financial products, serving both the private and corporate markets. These include mutual funds, retirement products and college savings plans. Dr Omar Bin Sulaiman, Director General of the DIFC said: 'One of our stated objectives is to attract the world's most respected financial institutions to operate from the DIFC. Franklin Templeton Investments has a fifty year track record of investing experience and is a welcome addition to the growing number of companies who see the DIFC as the ideal domicile for their activities.' He added, 'Franklin Templeton Investments is known as a truly global investor and its decision to locate in Dubai shows that it recognises the potential of regional markets as well as the attractions of the DIFC's infrastructure. Dubai is fast becoming a global financial centre, linking Europe, Asia and the US.' 'I am delighted that we were granted a license to operate in the DIFC ', said Jed Plafker, managing director, Franklin Templeton Investments. 'We have long endorsed Dubai's plans for such a centre. From our base at the DIFC we will provide marketing and sales support to our distribution partners in the Gulf, Eastern Mediterranean and Eastern Europe regions. This ideal location will enable us to distribute, via our partners, our range of mutual funds and alternative strategy products. The DIFC is set to revolutionise the way companies do business both in, and with, this region and Franklin Templeton is pleased to be a part of this obvious success story.' The company is headquartered in San Mateo, California, and employs approximately 6,700 people worldwide with offices in 28 countries.

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