The name of the UK-domiciled Legg Mason Funds ICVC range have now been changed to Franklin Templeton Funds II following the $4.5bn merger a year ago.
As part of the integration process, the asset manager announced changes related to the Legg Mason Funds ICVC range and its sub-funds, starting with the authorised corporate director (ACD). The ACD changed from Legg Mason Investment Funds Limited to Franklin Templeton Fund Management Limited effective 7 August 2021.
As a result the name of the UK-domiciled Legg Mason Funds ICVC range changed to Franklin Templeton Funds II at the same time. The names of the underlying sub-funds also changed to reflect Franklin Templeton as the new ACD. The new names are:
It is important to note that sub-funds name changes will not affect the investment objectives, policies or management style of the funds."
"It is important to note that sub-funds name changes will not affect the investment objectives, policies or management style of the funds," the asset manager said.
Franklin Templeton acquired Legg Mason and its investment managers for $4.5bn in cash and assumed approximately $2bn of the firm's outstanding debt to secure the deal. The merged buy-side group had a combined $1.4trn in assets under management across its various teams at the time of the deal.
First published by our sister title Investment Week