Franklin Templeton has agreed to purchase independent investor Edinburgh Partners in a move that will increase the US giant’s global equity coverage.
The deal, which is set to go through by the end of Q2 2018, will see Franklin Templeton acquire 100% of the asset manager, subject to regulatory approval. The terms of the deal were not disclosed.
The move effectively sees Dr Sandy Nairn, founder of Edinburgh Partners, return to the Franklin Templeton fold, having worked for the company between 1990 and 2000.
In his new capacity, Nairn will be appointed chairman of the Templeton Global Equity Group. He will report to Stephen Dover, who is head of equities at Franklin Templeton.
Franklin Templeton stressed that Edinburgh Partners, which has $9.9 billion in assets under management, will remain a distinct business as a wholly-owned subsidiary operating under its own brand.
In announcing the deal, Franklin Templeton said Edinburgh Partners is a ‘strong cultural fit’ for the company and will help expand its existing range of global equity products. It will also increase the US group’s presence in the UK and European markets.