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Feb. 18, 2020, 2:53 a.m. EST

Asset manager Franklin Resources eyeing acquisition of Legg Mason

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By Justin Baer and Cara Lombardo


Bloomberg News
The Legg Mason Inc. headquarters stands in Baltimore, Maryland, U.S., on Thursday, Dec. 1, 2011.

Franklin Resources Inc. is in talks to buy rival asset manager Legg Mason Inc., according to people familiar with the matter, in a deal that could help two big players in an industry that is under pressure from shifting investor tastes.

Assuming it comes together, a deal for Legg Mason /zigman2/quotes/209531190/composite LM +0.27%  could be announced as soon as Tuesday, the people said. While the exact price and other terms couldn’t be learned, it would be sizable given Legg Mason’s market value of more than $3.5 billion and assets under management of $800 billion.

Legg Mason owns a portfolio of nine investment managers that operate under their own brands, including bond specialist Western Asset Management and stock picker ClearBridge Investments.

California-based Franklin Resources /zigman2/quotes/201997162/composite BEN -2.80%  , with a market value of $12.1 billion, manages nearly $700 billion, including both stock and bond investments. The company operates under the Franklin Templeton brand.

An expanded version of this report can be found at WSJ.com

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/zigman2/quotes/209531190/composite
US : U.S.: NYSE
$ 49.08
+0.13 +0.27%
Volume: 2.33M
April 3, 2020 6:30p
P/E Ratio
18.59
Dividend Yield
3.26%
Market Cap
$4.31 billion
Rev. per Employee
$919,070
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/zigman2/quotes/201997162/composite
US : U.S.: NYSE
$ 15.61
-0.45 -2.80%
Volume: 3.70M
April 3, 2020 6:30p
P/E Ratio
6.22
Dividend Yield
6.92%
Market Cap
$7.76 billion
Rev. per Employee
$616,773
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