Franklin Templeton Global Investors has completed the acquisition of Rensburg Fund Management, a subsidiary of Investec.
Initially announced in November, the purchase was closed in an all cash transaction for £45m yesterday.
Jamie Hammond, the managing director, Europe, of Franklin Templeton, says expects the new partnership to strengthen the group’s position in the UK market.
The Templeton UK equity fund, which was previously mentioned as a merger candidate, runs as usual for the time being. A spokesperson says the group is currently going through the integration process and will be assessing what makes sense from a products’ perspective over the next six months.
There is no update on who will be filling the role of head of UK distribution.