Tashkent, Uzbekistan (UzDaily.com) — Franklin Templeton has officially begun its role as the manager and trustee of the National Investment Fund of the Republic of Uzbekistan, coinciding with the opening of its new representative office in Tashkent on 1 May.

The National Investment Fund (the Fund) was established by Presidential Decree on August 27, 2024, as a joint-stock company. It holds minority stakes ranging from 20% to 40% in 18 key state-owned enterprises. The Fund is 100% owned by the Government of Uzbekistan and aims to promote economic growth and attract international investors by enhancing the efficiency, profitability, and governance of its portfolio companies.

A key strategic priority for Franklin Templeton is preparing the Fund for listing on the Tashkent Stock Exchange and major international exchanges through an IPO.

During the launch ceremony, Manraj Sekhon, Chief Investment Officer at Templeton Global Investments, expressed his satisfaction at being entrusted with managing the Fund, describing it as a significant milestone for supporting Uzbekistan’s economic reforms and fostering sustainable growth.

The company emphasized the dual economic and social importance of managing state enterprise portfolios, pledging to approach the task with prudence and a long-term strategic vision.

Marius Dan, Franklin Templeton’s Director for Central Asia, has been appointed head of the firm’s Tashkent office in addition to his regional responsibilities.

Franklin Templeton brings extensive experience managing strategic mandates in emerging markets. Notably, the firm played a leading role in managing Romania’s Fondul Proprietatea, which was successfully listed in Bucharest and London, reaching a market capitalization exceeding US$3 billion.

The next phase for Uzbekistan’s National Investment Fund includes preparing for an IPO, transforming state enterprises in its portfolio, and attracting global investors through roadshows and targeted marketing campaigns.