Martin Currie, the active global equity affiliate that Franklin Templeton acquired with its 2020 purchase of Legg Mason’s multiboutique business, will be consolidated into other Franklin affiliates and its brand retired, according to an emailed statement from Franklin.
Edinburgh-based Martin Currie, founded in 1881, reported $17.9 billion in client assets under management as of Dec. 31. That was down from more than $20 billion in previous years, reflecting in part a market dominated by large-cap U.S. stocks that has proved challenging for managers of international developed markets and emerging markets equities alike.
A Franklin spokeswoman confirmed that the majority of Martin Currie’s business — or $12 billion of the firm's assets under management, together with the Australia, global emerging markets and U.K. equities investment teams overseeing them — will be aligned under ClearBridge Investments, Franklin’s $193 billion, New York-based global equities affiliate.
Under the new arrangements, the Martin Currie legacy teams will maintain their investment autonomy while gaining access to broader resources to benefit clients, the statement said.
Martin Currie’s global long-term unconstrained team, by contrast, will join the Franklin Equity Group, the parent company’s $139 billion investment affiliate focused on long-term quality growth equities, the statement said.
Following that alignment, Franklin Equity Group will gain $6 billion in AUM, comprised of dedicated global and international mandates managed primarily for leading institutional clients.
The coming realignment won’t result in any changes to the Martin Currie portfolio teams or investment process, the statement said.
