Franklin Resources, an investment management firm with subsidiaries including Franklin Templeton, has announced a completion of acquisition of Legg Mason.
The acquisition was first announced to the market back in February with Franklin Templeton acquiring the firm for US$4.5 billion ($6.7 billion).
Following the transaction, Franklin Templeton would become one of the world’s largest independent global investment managers, with a combined US$1.4 trillion in assets under management and a stronger presence in key geographies, the firm said.
At the same time, no changes were planned for the specialist investment managers’ differentiated investment strategies, which were expected to continue to benefit from Franklin Templeton’s global infrastructure but the transaction would bring added strength in core fixed income, equities and alternatives and would help expand the firm’s multi-asset solutions capabilities.
“We’re extremely excited to announce the close of our Legg Mason acquisition, representing the largest and most significant transaction in Franklin Templeton’s history,” Jenny Johnson, president and chief executive of Franklin Templeton, said.
“This acquisition unlocks substantial value and growth opportunities driven by greater scale, diversity and balance across investment strategies, distribution channels and geographies. Our combined firm is aligned in terms of culture and our shared focus on delivering strong investment results for our valued clients.”