Franklin Templeton has struck a deal to acquire a $1.1 billion investment management firm in Mexico. Heyman y Asociados, led by Timothy Heyman will become part of Franklin Templeton Asset Management Mexico, Franklin Templeton's mutual fund management company in Mexico.

As part of the deal, Heyman will become chief executive officer of a new institutional investment management subsidiary Franklin Templeton Servicios de Asesoría Mexico. Heyman will also become chairman and a member of the board of Franklin Templeton Asset Management Mexico.

Heyman y Asociados, manages pension funds, endowment funds, reserves and treasury funds, for Mexican and multinational corporations, Mexican educational, environmental, healthcare and other non-profit institutions, and for Mexican insurance companies.

"This is an exciting and important development for our Mexico business, underscoring Franklin Templeton's commitment to growing its presence and capabilities in the fast-growing Mexican asset management market," Hugo Petricioli, Franklin Templeton's country head for Mexico and Central America said in a release.

"Heyman brings tremendous expertise and a proven track record in Mexican asset management to our organization and will enhance the range of high-quality products that we can offer to investors and institutions."

Franklin Templeton is no stranger to the region having invested in the country since the early 1980s. In 2005, the company opened its first office in Mexico and its asset management operation, Franklin Templeton Asset Management Mexico, began operations in 2009.

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