Franklin Templeton Investments Corp., a unit of Frank Resources Inc., has announced the start-up of the Franklin MENA Fund for Canadian investors.
The portfolio, introduced Monday, invests in companies in the Middle East and North Africa, as well as companies positioned to benefit from growth in these economies.
The fund is to be managed by Franklin Templeton with the Dubai asset manager Algebra Capital Ltd. acting as subadviser. Franklin Templeton bought a 25% stake in Algebra in August 2007.
The objective of the fund is long-term capital appreciation through investments primarily in equity and fixed-income securities of companies in, but not limited to, Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain, Oman, Egypt, Jordan, and Morocco, and in companies expected to benefit from developments there.
Franklin Templeton, a San Mateo, Calif., asset manager, had $426 billion under management at Oct. 31.
