Franklin Templeton Investments, a division of the fourth-largest quoted US fund manager Franklin Resource, has acquired 25 per cent of Dubai's Algebra Capital for an undisclosed sum. The deal gives Franklin two seats on Algebra's board. The two companies will develop and distribute investment products together. Algebra and Franklin Templeton's Darby Overseas private equity arm will collaborate on investments in the Middle East and North Africa. Algebra Capital, which is based in the Dubai International Financial Centre, expects the value of assets in the professionally managed funds in the Middle East and North Africa to triple over the next five years to more than $200 billion, according to a statement announcing the deal. Franklin, which manages $621 billion in assets, is looking to grow its business in Arab markets. "We see tremendous opportunity to grow our business in the Gulf and the greater Middle East-North Africa region," said Greg Johnson, chief executive of Franklin Resources.