Franklin Templeton Investments bought all its outstanding shares in Templeton Investment Trust Management from Good Morning Securities, its joint venture partner in Korea. Franklin Templeton now is the first 100% foreign-owned investment management trust company in Korea. The company will be renamed Franklin Templeton Investment Trust Management.
Good Morning Securities will continue to distribute new funds launched by Franklin Templeton, said Michael Reed, CEO of the Korean operation, in a release.
Each firm reportedly held a 43.55% stake in the joint venture. The price paid for Good Morning Securities stake was not available at deadline.