Franklin Resources buys Legg Mason for $4.5 billion amid monthly outflows of nearly $2.5 billion.

The 10 largest publicly traded asset managers grew their AUM an average 3.7% in the fourth quarter to an estimated $21.9 billion.

Active institutional mutual funds gained a net $16.4 billion in January, their highest mark in more than 12 months.

A look at the industry data for February 2020.