The international manager’s mandate covers a portfolio of major state holdings and a program of governance and capital-market reform.
Franklin Templeton began acting as trustee of Uzbekistan’s National Investment Fund in May 2025. Published company information described a portfolio of significant holdings across energy, banking, transport and telecommunications.
The mandate combines portfolio management with enterprise transformation, governance improvement and preparation for future capital-markets activity.
For the local market, the importance lies in the standards introduced around valuation, reporting, governance and investor communication — the building blocks required for credible public offerings.
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