A cross-office King & Spalding team recently advised Franklin Templeton Investments (Middle East) Limited on the launch of two open-ended umbrella funds in the Dubai International Financial Centre (DIFC) and seven separate sub-funds. Each of the sub-funds will feed into an internationally domiciled UCITS fund managed by Franklin Templeton. One umbrella fund operates on a conventional basis and the other on a Shari’ah compliant basis. The funds are registered with the Dubai Financial Services Authority (DFSA) as public funds and are being offered to retail investors in the DIFC, through locally licensed distributors, as well as onshore UAE and the Abu Dhabi Global Market under the UAE’s Fund Passporting Regime. With the launch of these funds, Franklin Templeton has become one of the first global asset management firms to locally domiciled feeder funds for the UAE retail market.
Franklin Templeton is a leading global fund manager with US$1.6 trillion assets under management and has been operating in the UAE for almost 25 years, as of 31 July 2024. Its DIFC office includes investment and research professionals across MENA Fixed Income and Global Sukuk, Frontier and MENA Equities, and MENA Private Credit and Private Equity teams. The firm is a pioneer in emerging market investing with a long track record of establishing a presence in developing countries over the firm’s more than 75-year history.
The King & Spalding team advising Franklin Templeton was led by partner James Stull (Dubai) and included counsels Dounia Mansour (Dubai) and Kasia Thevissen (London), and associates Benedict Grima (Dubai) and Herbert Nduka (New York). Data privacy advice was provided by partner Kim Roberts (London) and senior associate Saud Aldawsari (Riyadh).
This is the second landmark Middle East deal that King & Spalding has advised Franklin Templeton on so far in 2024. In March, the firm represented the company on its launch in Saudi Arabia via the establishment of a financial services company based in Riyadh and regulated by the Saudi Arabia Capital Market Authority.
