Franklin Templeton buys 25% in Dubai’s Algebra Capital

DUBAI: Franklin Templeton Investments, which manages $621 billion in assets, has bought 25% of Dubai’s Algebra Capital and wants to grow its business in Arab markets, it said on Tuesday.

Franklin Templeton is a unit of Franklin Resources, the fourth-largest publicly traded US fund manager.

Algebra expects the value of assets in the professionally managed funds in the Middle East and N Africa to triple over the next five years to more than $200 billion, it said in a statement.