Franklin Templeton is launching seven feeder funds in the United Arab Emirates targeted at retail investors, joining asset managers like Allianz Global Investors in aligning their product offerings with new regulations in the Gulf country.
Starting Monday, retail investors in the UAE will be able to access the feeder funds, domiciled in the Dubai International Financial Centre, through local licensed promoters. They will offer access to a range of asset classes, sectors and geographies, including global and regional fixed income, technology and Shariah-compliant strategies.
“The UAE remains our biggest retail market in the region, and we continually strive to deepen our local presence by strengthening our relationships with clients,” Amar Mehta, head of retail, Gulf, Eastern Mediterranean and Africa at Franklin Templeton said. “We will continue to monitor trends in the local market and the evolution of investors’ appetite to expand our offerings in the future.”
The UAE’s Securities and Commodities Authority has said foreign funds can no longer be promoted to retail investors within the country. The regulation was issued to boost the UAE’s asset management industry and align its practices to other Gulf countries like Saudi Arabia.
As a result, asset managers like Franklin Templeton have rushed to offer new funds. Allianz Global Investors, along with the UAE-based Daman Investments Psc, last month said they launched the UAE’s first onshore feeder funds for retail investors.
“The UAE continues to establish itself as a leading global financial centre holding significant cross-border wealth,” Mehta said. “Rapid population growth has contributed to the development of its retail asset management industry, as more investors seek product offerings aligned with their unique investment goals.”
Franklin Templeton’s feeder funds will be distributed in the UAE by locally-licensed promoters, including onshore, conventional and Shariah-compliant consumer banks.
Standard Chartered Plc is the administrator and custodian of the funds, Ayesha Abbas, EMEA head of wealth solutions at the bank said.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
