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Franklin-Legg Mason Deal Expected to Close in Q3

The acquisition will create a $1.5 trillion asset manager.

Karin Anderson

San Mateo, Calif.-based Franklin Resources announced Feb. 18 that it has entered into an agreement to buy Legg Mason for $4.5 billion in cash, creating a $1.5 trillion asset manager. The deal is expected to close in the third quarter of 2020, pending approval from regulators and other parties.

The merged firm will operate under the Franklin Templeton name, though Baltimore-based Legg Mason and eight of its nine investment affiliates will continue to operate autonomously. (EnTrust Global, an alternatives investment manager, is buying itself back.) Franklin president and CEO Jennifer Johnson and the senior leaders at each of the Legg Mason affiliates are expected to remain in place.

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