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Franklin Templeton
Franklin Templeton Asset Management Foreign Enterprise Limited Liability Company, a subsidiary of Franklin Templeton, has just announced its appointment as fund manager and trustee of the National Investment Fund of the Republic of Uzbekistan (UzNIF).

The fund’s objectives are to promote economic growth and attract international investors by improving the efficiency, profitability and governance of the State-Owned Enterprises (SOE) within the portfolio, the firm said in a statement. In addition, a priority for the mandate will be to list UzNIF on both the Tashkent Stock Exchange (TSE) and an international stock exchange.

UzNIF was established as a joint-stock company through the Decree of the President of the Republic of Uzbekistan on 27 August 2024. The fund owns minority stakes ranging from 20 per cent to 40 per cent in 18 of the country's key SOEs, with an initial net asset value of $1.68 billion.

The Government of Uzbekistan holds 100 per cent ownership of UzNIF.

“We recognise the responsibility that comes with managing a portfolio of SOEs carries both significant economic value and social importance. These are key national assets that Franklin Templeton will steward with care, diligence and strategic vision,” Manraj Sekhon, chief investment officer of Templeton Global Investments, said.

This month, Franklin Templeton has also opened a new office in Tashkent, a land-locked country in Central Asia, demonstrating its commitment to Uzbekistan's reform programme and the development of the local capital markets.

In addition to his role as CEO, Central Asia at Templeton Global Investments, Marius Dan (pictured) has been appointed general director, Franklin Templeton Asset Management Foreign Enterprise Limited Liability Company. “We think investors will be very interested in the attractive and diversified investment access that UzNIF will have to offer on the world stage," Dan said.

The next phase of the UzNIF’s development will focus on preparing for initial public offerings and engaging international investors through roadshows and targeted outreach, with the goal of ensuring long-term, sustainable growth for the benefit of the people of Uzbekistan.