TASHKENT, Uzbekistan, May 5. Franklin Templeton has commenced its role as the manager and trustee of the National Investment Fund of Uzbekistan and has opened a representative office in Tashkent, Trend reports, citing the Ministry of Economy and Finance of Uzbekistan.
The National Investment Fund of Uzbekistan was created to stimulate economic growth and attract international investors by enhancing the efficiency, profitability, and governance of major state-owned enterprises (SOEs). As part of its mandate, Franklin Templeton will work toward listing the Fund through an initial public offering (IPO) on the Tashkent Stock Exchange as well as a leading international exchange.
The Fund was established as a joint-stock company by a presidential decree issued on August 27, 2024. It currently holds minority stakes of 20 to 40 percent in 18 major SOEs across the country, with the Government of Uzbekistan serving as its sole shareholder.
Marius Dan, Franklin Templeton’s General Director for Central Asia, has been appointed head of the Tashkent representative office, in addition to his current role.
Franklin Templeton brings decades of experience in managing strategic investment mandates in emerging and frontier markets. A notable example is its leadership of Fondul Proprietatea — a dual-listed fund focused on Romania’s privatization and capital market development — which achieved a peak market capitalization of over $3 billion.
The next phase for Uzbekistan’s National Investment Fund will focus on preparing for IPOs, driving the transformation of the SOEs in its portfolio, and attracting international capital through roadshows and promotional initiatives.