Franklin Templeton agrees to acquire Rensburg
Franklin Templeton Global Investors Limited, a subsidiary of global investment manager Franklin Templeton Investments, has agreed to acquire UK-based Rensburg Fund Management, a subsidiary of Investec, for £45m ($72m).
The acquisition is expected to be completed in early 2011, though it is subject to regulatory approval.
Rensburg has sought to reassure its clients following the announcement, saying they will have access to the same investment process and team.
If the move goes ahead, Franklin Templeton will seek to use Rensburg’s expertise in managing equities for its UK-based clients seeking the asset class.
Rensburg currently manages £880m in UK equities. It focuses on six strategies: equity income, blue chip growth, midcap growth, select growth, smaller companies and managers’ focus.
It has also managed unit trusts since 1985.
It is a subsidiary of Investec plc, a specialist bank and asset manager operating mainly in the UK, South Africa and Australia. Investec conducts activities in asset management, wealth, property, private banking, investment banking and capital markets.
Franklin Templeton Investments, the parent of UK subsidiary Franklin Templeton Global Investors Limited, is a global and domestic investment manager, with over $644 billion in AUM.