Franklin Resources, the parent of Franklin Templeton Investments, has agreed to acquire a majority stake in K2 Advisors Holdings, a fund of hedge funds manager, from private equity shop TA Associates.

Terms of the deal were not disclosed. According to Franklin, the current management of K2 will not sell any of its interests and will receive no up-front consideration in the deal. Beginning in 2016, Franklin will acquire the remainder of K2 over a multi-year period.

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