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Franklin (BEN) Opens Office in Saudi Arabia, Gets Licenses
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Franklin Resources, Inc. (BEN - Free Report) has officially launched its operations in Saudi Arabia after obtaining two licenses from the country's regulator, thereby expanding its footprint internationally.
Franklin obtained a “Managing Investments and Operating Funds” license and an “Advising” license from Saudi Arabia's Capital Market Authority.
The move comes when Saudi Arabia seeks to draw more foreign businesses to open up offices through its regional headquarters program as part of its economic transformation initiative ‘Vision 2030’.
"The Middle East is a key region for Franklin Templeton. We are delighted that Saudi Arabian investors now have local access to the firm's global strength through its robust global platform and public and private market offerings", per Franklin’s management.
Franklin’s global presence includes the United States, Europe, the Middle East and Africa (EMEA), the Asia Pacific, Canada and Latin America. As of Dec 31, 2023, BEN provided service to clients in more than 150 countries, with around 1,300 investment professionals. It had $1.4 trillion of AUM as of the same date.
In the past few years, BEN has grown through acquisitions, thereby, enhancing its foothold. In January 2024, the company completed the acquisition of Putnam Investments, a global asset management firm, from Great-West Lifeco. The transaction is expected to accelerate Franklin’s growth in the retirement space by increasing its defined contribution AUM to more than $100 billion.
In 2022, the company closed the acquisitions of Alcentra and Lexington. These apart, several acquisitions of the past led to the enhanced presence in the separately managed account space and bolstered its investment capabilities in private debt, real estate, hedge funds and private equity. Such efforts will help the company in improving and expanding its alternative investments and multi-asset solutions platforms.
These have helped the company to grow its AUM balance over the years. The metric recorded a compounded annual growth rate (CAGR) of 18.7% over the last five fiscal years (ended fiscal 2023). The rising trend continued in first-quarter fiscal 2024. Also, the company’s efforts to diversify its business into asset classes that are seeing growing client demand, like alternative asset classes, are expected to continue to propel AUM growth.
A regionally-focused distribution model has improved its non-U.S. business with favorable net flows. We expect three-year AUM to reflect a CAGR of 9.1% by fiscal 2026.
Expansion Efforts by Other Companies
UBS Group AG (UBS - Free Report) intends to expand its wealth management business in the United States over the next three or four years on the back of mergers and acquisitions. The news was reported by Reuters and cited an interview of UBS chairman, Colm Kelleher, with the NZZ newspaper.
This strategic approach reflects UBS Group’s commitment to expanding its footprint in the U.S. market and further strengthening its presence in the wealth management space.
Vinci Partners Investments Ltd. (VINP - Free Report) inked a deal to buy Compass Group LLC to redefine the investment landscape in Latin America. The transaction is set to close in the third quarter of 2024, pending regulatory approvals.
With this acquisition, VINP will solidify its position as a key player in the Latin America investment landscape, boasting more than $50 billion in assets under management across private markets, investment products and solutions, public equities and corporate advisory segments.
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Franklin (BEN) Opens Office in Saudi Arabia, Gets Licenses
Franklin Resources, Inc. (BEN - Free Report) has officially launched its operations in Saudi Arabia after obtaining two licenses from the country's regulator, thereby expanding its footprint internationally.
Franklin obtained a “Managing Investments and Operating Funds” license and an “Advising” license from Saudi Arabia's Capital Market Authority.
The move comes when Saudi Arabia seeks to draw more foreign businesses to open up offices through its regional headquarters program as part of its economic transformation initiative ‘Vision 2030’.
"The Middle East is a key region for Franklin Templeton. We are delighted that Saudi Arabian investors now have local access to the firm's global strength through its robust global platform and public and private market offerings", per Franklin’s management.
Franklin’s global presence includes the United States, Europe, the Middle East and Africa (EMEA), the Asia Pacific, Canada and Latin America. As of Dec 31, 2023, BEN provided service to clients in more than 150 countries, with around 1,300 investment professionals. It had $1.4 trillion of AUM as of the same date.
In the past few years, BEN has grown through acquisitions, thereby, enhancing its foothold. In January 2024, the company completed the acquisition of Putnam Investments, a global asset management firm, from Great-West Lifeco. The transaction is expected to accelerate Franklin’s growth in the retirement space by increasing its defined contribution AUM to more than $100 billion.
In 2022, the company closed the acquisitions of Alcentra and Lexington. These apart, several acquisitions of the past led to the enhanced presence in the separately managed account space and bolstered its investment capabilities in private debt, real estate, hedge funds and private equity. Such efforts will help the company in improving and expanding its alternative investments and multi-asset solutions platforms.
These have helped the company to grow its AUM balance over the years. The metric recorded a compounded annual growth rate (CAGR) of 18.7% over the last five fiscal years (ended fiscal 2023). The rising trend continued in first-quarter fiscal 2024. Also, the company’s efforts to diversify its business into asset classes that are seeing growing client demand, like alternative asset classes, are expected to continue to propel AUM growth.
A regionally-focused distribution model has improved its non-U.S. business with favorable net flows. We expect three-year AUM to reflect a CAGR of 9.1% by fiscal 2026.
Expansion Efforts by Other Companies
UBS Group AG (UBS - Free Report) intends to expand its wealth management business in the United States over the next three or four years on the back of mergers and acquisitions. The news was reported by Reuters and cited an interview of UBS chairman, Colm Kelleher, with the NZZ newspaper.
This strategic approach reflects UBS Group’s commitment to expanding its footprint in the U.S. market and further strengthening its presence in the wealth management space.
Vinci Partners Investments Ltd. (VINP - Free Report) inked a deal to buy Compass Group LLC to redefine the investment landscape in Latin America. The transaction is set to close in the third quarter of 2024, pending regulatory approvals.
With this acquisition, VINP will solidify its position as a key player in the Latin America investment landscape, boasting more than $50 billion in assets under management across private markets, investment products and solutions, public equities and corporate advisory segments.