Franklin Resources, which operates under the name Franklin Templeton, will pay entirely in cash. The deal, expected to close by the end of the third quarter this year, will grow Franklin Templeton's assets under management to $1.5 trillion.
That's a welcome change for Franklin Resources, which saw its stock trade at a 52-week low as recently as Friday. Asset managers have been under pressure in recent years as they struggle to make a case for active management while funds increasingly flow to lower-cost, passively managed funds.
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