Franklin Templeton Investments' parent Franklin Resources has effectively expanded its alternatives offerings.
The San Mateo, Calif-based company completed its acquisition of a majority stake in fund of hedge funds manager K2 Advisors from private equity shop TA Associates. Franklin Templeton will also, beginning in 2016, acquire the remainder of K2 over a multi-year period.
Franklin Templeton said in a press release that K2 Advisors will use the proceeds from the acquisition to purchase all equity currently owned by TA Associates and to retire debt all of K2's debt obligations.
The agreement to acquire was first announced in mid-September.