The Company will also assume approximately $2 billion of Legg Mason’s outstanding debt. Non-U.S. investors should disregard this email. Copyright © 2020 Legg Mason Investor Services, LLC. Our combined firm is aligned in terms of culture and our shared focus on delivering strong investment results for our valued clients.”. These are expected to result in approximately $200 million in annual cost savings, net of significant growth investments Franklin Templeton expects to make in the combined business and in addition to Legg Mason’s previously announced cost savings. San Mateo, CA, July 31, 2020 – Franklin Resources, Inc. (the “Company”) [NYSE:BEN], a global investment management organization with subsidiaries operating as Franklin Templeton, today announced that it has completed its previously announced acquisition of Legg Mason, Inc. [NYSE:LM] and its specialist investment managers. Importantly, no changes are planned for the specialist investment managers’ differentiated investment strategies, which will benefit from Franklin Templeton’s global infrastructure and ongoing investment in technology and innovation. This site is intended for U.S. investors only. Download a free version from Adobe's website. ©2019 Legg Mason Investor Services, LLC, member FINRA, SIPC. “A tremendous amount has happened since we made our announcement in mid-February, but the strategic rationale for this powerful combination has only strengthened. This release contains forward-looking statements subject to risks, uncertainties and other factors that may cause actual results to differ materially. By closing this window you acknowledge that your experience on this website may be degraded. The acquisition valued Legg Mason … You make important decisions. The products and services described on the website are not available to non-U.S. investors. Legg Mason takes no liability for the onward transmission of this material. With this acquisition, Franklin Templeton will preserve the autonomy of Legg Mason’s affiliates, ensuring that their investment philosophies, processes and brands remain unchanged. This link leads to a website that is intended for U.S. investors only. Non-U.S. investors should disregard this email. Broadhaven Capital Partners, LLC and Morgan Stanley & Co LLC served as financial advisors to Franklin Resources, Inc. Ardea Partners LP also provided advice. In addition, the combined platform creates a strong separately managed account business. By closing this window you acknowledge that your experience on this website may be degraded. Various forward-looking statements in this press release relate to the acquisition by Franklin Resources, Inc. (“Franklin”) of Legg Mason, Inc. (“Legg Mason”), including regarding expected scale opportunities, operating efficiencies and results, growth, client and stockholder benefits, key assumptions, timing of closing of the transaction, revenue realization, cost and expense synergies, financial benefits or returns, accretion and integration costs. Important integration-related and other risk factors that may cause such differences include: (i) anticipated benefits of the transaction, including the realization of revenue, accretion, financial benefits or returns and expense and other synergies, may not be fully realized or may take longer to realize than expected; and (ii) Franklin Templeton may be unable to successfully integrate Legg Mason’s businesses with those of Franklin Templeton or to integrate the businesses within the anticipated timeframe.