Legg Mason to be acquired by Franklin Templeton
article 02-18-2020

Legg Mason to be acquired by Franklin Templeton

Royce Investment Partners, a small-cap equity specialist for more than 45 years, announced that its parent company, Legg Mason, is being acquired by Franklin Templeton, a global investment management organization. Royce Investment Partners will continue to operate as an independent investment organization with its own brand to reinforce the distinctiveness of Royce’s investment culture and processes.

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Transaction Structured to Ensure Continued Autonomy of Royce Organization

New York, NY February 18, 2020 – Royce Investment Partners, a small-cap equity specialist for more than 45 years, announced that its parent company, Legg Mason, is being acquired by Franklin Templeton, a global investment management organization. Royce Investment Partners will continue to operate as an independent investment organization with its own brand to reinforce the distinctiveness of Royce’s investment culture and processes. There are no changes planned to the management of the organization or investment teams as a result of this transaction. Royce employees will continue to retain their minority ownership. The transaction is expected to close no later than the third calendar quarter of 2020.

Chris Clark, Royce’s Chief Executive Officer, said, “We are very excited about this transaction. Franklin Templeton has a long track record of successful acquisitions, both in preserving autonomy of existing investment organizations and maintaining the strengths of the investment process, while also adding additional resources and insights that come with being a part of a global investment management firm with one of the broadest global footprints in the industry.

We believe for our clients and employees this transaction represents the best of both – preserving continuity and autonomy of our investment organization, while supporting us to accelerate our business growth. In several key areas where we see attractive opportunities, such as research data analytics and international distribution, Franklin Templeton is a market leader.”

Said Founder and Portfolio Manager, Chuck Royce, “I have known the Johnson family for decades and I am very happy for our firm to join theirs. I feel very confident that this will be an excellent home for our investors.”

 

Important Disclosure Information

This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money. (Please see "Primary Risks for Fund Investors" in the prospectus.)

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