Reuters - Franklin Resources Buys Hedge Fund Firm K2

Mutual fund giant Franklin Resources said it will buy a majority stake in funds of hedge funds K2 Associates, writes Reuters. Franklin, which oversees roughly $731 billion in assets, will pay an undisclosed amount for the bulk of K2, which manages $9.3 billion. K2 will use the proceeds to buy back a stake in itself from TA Associates and to retire all of its deb obligations, writes Reuters.

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