Franklin Resources agreed to acquire U.K.-based equity manager Edinburgh Partners in a transaction set to close in the first half of the year, a spokeswoman said.
The value of the deal was not disclosed, the spokeswoman added. Edinburgh Partners invests in global and emerging markets equities. With $10 billion in assets under management, Edinburgh will become a wholly owned subsidiary of Franklin Templeton (BEN) Investments (BEN), the name under which Franklin Resources operates, following the acquisition, but it will not be integrated.
Sandy Nairn, CEO of Edinburgh Partners, was named chairman of Templeton global equity group as part of the transaction. The position is new. Mr. Nairn will remain investment partner and CEO of Edinburgh Partners after the acquisition is completed. He will report to Stephen Dover, head of equities.
"Dr. Nairn brings a tremendous amount of leadership experience and expertise in managing global and international equities," said Jenny Johnson, president and chief operating officer of Franklin Resources, in a news release.
"This is the latest example of the firm continuing to make strategic investments in relatively small, yet highly experienced asset management teams that complement Franklin Templeton's global offerings," Ms. Johnson added.
Templeton global equity group managed more than $101 billion as of Dec. 31.