Franklin Templeton Completes K2 Advisors Transaction |
Date: Friday, November 2, 2012
Author: Jing Chen, HedgeFund.net
Investment firm Franklin Templeton Investments announced Monday that it has
completed its purchase of a majority stake in a fund of hedge funds manager.
Franklin Templeton also said in its statement that KS Advisors will use the
proceeds from the transaction to purchase all of the equity currently held by
private equity firm TA Associates Management and to retire all of K2’s debt
obligations. K2’s current management has not sold any of its interests, but
Franklin Templeton will acquire the remainder of the firm over several years.
Stamford, Conn.-based K2 has 115 employees worldwide, and has approximately $9.3
billion in assets under management as of Aug. 31. Franklin Templeton, located in
San Mateo, Calif., has approximately $731 billion in assets under management as
of Aug. 31.
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