Franklin Templeton Global Investors (UK), a subsidiary of California-based Franklin Resources, has agreed to acquire Leeds-based Rensburg Fund Management from Investec for £45m.
For the past five months, Rensburg Fund Management has been up for sale, after Investec announced plans to take over the remaining 52% stake in Rensburg Sheppards for £412m back in March.
Rensburg Fund Management manages £880m of client money in six UK- focused unit trusts, which were part of the Rensburg Sheppards private client wealth manager.
Franklin Resources CEO Greg Johnson said that this acquisition makes strategic sense for Franklin Resources and fits very well with the company's overall corporate strategy of building the best investment products in markets such as the UK, where local asset management expertise is important to meet local investors' needs.
The transaction is subject to regulatory approval and is expected to be completed in early 2011.