New licence for Franklin Templeton Investments confirms DIFC's global status

The rapid development of Dubai as an international financial centre received further endorsement today, as a new license to operate in the Dubai International Financial Centre (DIFC) was awarded, by the DIFC Financial Services Authority (DFSA), to Franklin Templeton Investment Management Limited (FTIML). FTIML is a subsidiary of Franklin Resources, Inc (NYSE:BEN) one of the world’s largest asset management companies and the first US firm to be licensed by the DFSA.

Welcoming the new firm to the DIFC, Dr. Omar Bin Sulaiman, Director General of the Dubai International Financial Centre 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 also 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.”

Franklin Templeton Investments is a premier global investment organisation, providing global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series, Fiduciary Trust and Bissett investment teams. With over US$371 billion in assets under management as of 31 October 2004, the company specialises in a broad mix of mutual funds, retirement and college savings plans and separate accounts serving retail, institutional and high net-worth clients

Headquartered in San Mateo, California, Franklin Templeton Investments employs approximately 6,700 people worldwide and has offices in 28 countries. The company has over 450 investment professionals located around the globe, and is well positioned to gain firsthand insight into local companies, market trends and investment opportunities.

“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.”

He added,

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.”