Franklin Templeton Investments Australia has announced it plans to acquire Australian equity manager Balanced Equity Management in a cash and stock transaction in early July.
Chief executive of parent company Franklin Resources, Greg Johnson, said the planned acquisition was an excellent strategic fit for the business, which had been looking to expand its local presence.
Balanced Equity Management was founded by Andrew Sisson in 1988, who said the acquisition would ensure the long-term continuity of the two-decade old business in terms of both investment team and process.
Based in Melbourne, the firm has a strong long-term track record of managing large cap Australian equity portfolios, and it initially invested solely in top 50 stocks for wholesale investors.
In 2003, the firm expanded its investment universe at the request of clients to include the top 100 Australian stocks. Today, the firm manages close to $10.3 billion.
