Franklin Templeton Global Investors is broadening its UK reach and looking to develop core UK equity products through the acquisition of Rensburg Fund Management for £45m (€52.6m).
Rensburg Fund Management is a specialist UK equity manager with around £800m in assets under management and a track record of managing unit trusts dating back to 1985. The firm is a subsidiary of Investec.
Greg Johnson, CEO of Franklin Resources, the Franklin Templeton parent company said: “This acquisition makes strategic sense for us and fits well with our overall corporate strategy of building the best investment products in markets such as the UK, where local asset management expertise is important to meet local investors’ needs.”
Franklin Templeton Investments had $644bn in AuM as at the end of September this year.
“Rensburg Fund Management possesses tremendous expertise and a proven track record in managing UK equities, a key area of focus for our UK clients and important complement to our existing capabilities,” said John Lusk, executive vice president, investment management for Franklin Templeton.
Jamie Hammond, managing director Europe, Franklin Templeton Investments said: “We are looking to develop core UK equity products, which are an important asset class for UK investors. Rensburg Fund Management brings a very strong track record and reputation.”
The agreement is subject to regulatory approval and is expected to be completed in early 2011.
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