Franklin Resources To Purchase Legg Mason, Forming $1.5 Trillion AUM Giant

Franklin Resources Inc. announced Tuesday that it plans to buy rival asset manager Legg Mason in a deal for $50 per share, according to Bloomberg.

*FRANKLIN TEMPLETON TO BUY LEGG MASON FOR $50.00/SHR – Bloomberg

Over $2T into passive funds in recent years, starting to force M&A in the active asset management space…

— Lawrence McDonald (@Convertbond) February 18, 2020

San Mateo, California-based Franklin, has $698 billion in assets, and Baltimore-based Legg Mason manages about $804 billion, would boost assets under management for Franklin Resources, owner of investment manager Franklin Templeton, to $1.5 trillion after the deal closes.

The story is developing…