Franklin Templeton has agreed to purchase Scottish fund boutique Edinburgh Partners for an undisclosed sum.
Founder of the business Sandy Nairn worked at Franklin Templeton for a decade, rising to director of global equity research before leaving in 2000 to join Scottish Widows. He founded Edinburgh Partners in 2003.
Nairn said: ‘I am very excited to be coming back to Templeton, the company that gave me my great appreciation for global investing.
‘My team and I are deeply familiar with the history and strong reputation of the broader Franklin Templeton organisation, and we’re pleased to join such a well-regarded firm.’
Nairn will be appointed chair of Templeton Global Equity Group, reporting to the company’s head of equities Stephen Dover, and will continue to serve as chief executive of Edinburgh as a subsidiary.
Edinburgh Partners currently employs 12 asset managers running around $10 billion (£7.2 billion) in client funds. Templeton currently manages $101 billion.
‘Dr Nairn and his experienced team will be an excellent addition to our global equity capabilities,’ said Dover.
‘As chair of Templeton Global Equity Group, Dr Nairn will bring many new insights to share, having run his own firm for the last 15 years, while also drawing upon his in-depth knowledge of the Templeton investment philosophy and process from his many prior years with the group