US group in £45m swoop for Rensburg division

RENSBURG Fund Management (RFM) is being sold to Franklin Templeton for £45m.

The Leeds-based division of Rensburg Sheppards has been managing unit trusts – totaling around £880m – since 1985, and runs six funds.

South African group Investec has been looking for a buyer for RFM since it acquired Rensburg Sheppards, which has offices in Manchester and Liverpool, earlier this year.

Franklin Templeton Investments is an American company with more than 60 years of investment experience and over $644bn in assets under management.

Greg Johnson, chief executive of Franklin Resources, the parent company of Franklin Templeton, said: “This acquisition makes strategic sense for us and fits very well with our overall corporate strategy of building the best investment products in markets such as the UK, where local asset management expertise is important to meet local investors’ needs.”

Law firm Hammonds is advising Rensburg Sheppards on the deal and the transaction is being led by Steven Glover, who heads up the firm’s corporate team in Leeds.

Mr Glover has been assisted by Hammonds’ financial services group partner Paul Anderson, employment partner Matthew Lewis and corporate associate Joy Irving. Tax advice was provided by partner, Mark Simpson.