Investec has agreed to sell Rensburg Fund Management Limited to Franklin Templeton for £45m.
Rensburg Fund Management has been up for sale for the past five months, after Investec announced plans to take over the remaining 52% stake in Rensburg Sheppards for £412m back in March.
Franklin Templeton Global Investors Limited (UK), a subsidiary of Franklin Resources, is more commonly known for its emerging markets products, headed by Mark Mobius.
Rensburg Fund Management runs six UK equity strategies and has about £880m under management.
Its largest fund is Paul Spencer's £323m UK Mid Cap Growth, followed by Mark Hall's £234.1m Select Growth and Colin Morton's £203m UK Equity Income.
"We are pleased to announce the planned acquisition of Rensburg Fund Management, an established UK equity manager with over 25 years' experience of managing unit trusts," Franklin Resources CEO Greg Johnson says.
"This acquisition makes strategic sense for us and fits very well with our overall corporate strategy of building the best investment products in markets such as the UK, where local asset management expertise is important to meet local investors' needs."
The transaction is subject to regulatory approval and is expected to be completed in early 2011.
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