Global investment firm Franklin Templeton announced at the end of September a deal in which the company has acquired Connecticut-based O'Shaughnessy Asset Management, LLC (OSAM).
Franklin Tempelton is currently one of the largest providers in the separately managed account (SMA) industry with $130 billion in assets as of the end of August, and the acquisition of OSAM only adds to it, according to a news release.
"Technological advances are reshaping how financial solutions are delivered, and we continue to invest in innovative technology to enhance client outcomes and their experience," Jenny Johnson, president and CEO of Franklin Templeton, said in the release.
The release stated OSAM's position as a Custom Indexing solution through the company's platform Canvas will help enhance Franklin Templeton's strengths in SMA's while expanding the work the company already does.
"Custom Indexing is aligned with our commitment to bringing sophisticated customization to a broader investment audience, and I'm excited to welcome the OSAM team to Franklin Templeton," Johnson said in the release.
OSAM's more than 40 team members are expected to remain on board and make the transition to Franklin Templeton, the release stated.
"As part of Franklin Templeton, we'll have the opportunity to accelerate client growth at Canvas and continue to add to existing OSAM offerings," Patrick O'Shaughnessy, OSAM's CFA and Chief Executive Officer, said in the release. "We're excited by the incredible potential his acquisition creates and look forward to getting started."
Franklin Templeton operates in more than 165 countries and has more than $1.5 trillion in assets, according to the release.
The release stated Roger Paradiso, the head of Product Solutions at Franklin Templeton, believed the acquisition would only add to Franklin Templeton's "ability to deliver compelling individualized SMA solutions."
The deal with OSAM is expected to be finalized in the fourth quarter of this year, according to the release.