Franklin Templeton Global Investors, an arm of US-based Franklin Resources, has acquired Rensburg Fund Management, a subsidiary of the UK- and South Africa-listed bank Investec, for an all-cash transaction of £45 million ($71.8 million).

Leeds-based Rensburg specialises in UK equities, and manages around £935 million in assets with a team of six investment professionals. The acquisition is intended to strengthen Franklin Templeton's position in the UK market, and the US firm will offer Rensburg's funds to its clients, Jamie Hammond, managing director - Europe, Franklin Templeton Investments, said in a statement.

The deal was originally announced last November, and it was reported afterwards that the Rensburg Fund Management brand, well-known in the UK, might be phased out after the acquisition. The brand dates back to the 19th century, and the business became part of Rensburg Sheppards, the brokerage and wealth management house, in the noughties. This in turn was acquired by Investec, which decided to spin off some operations including the Rensburg fund management business.

When asked about the branding of Rensburg-run funds after the deal announcement in November, Hammond said: “We will be looking at branding and what makes sense...We will continue to use the [Rensburg] brand during the period of transition. In time it may make sense to transition to the Franklin name.”

He also said at the time there are unlikely to be job losses as a result of the deal.