Franklin Templeton buys Legg Mason in $4.5bn deal

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It is the latest defensive deal in an industry battling to survive low-cost index funds

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and Legg Mason helped pioneer asset management in the 20th century. On Tuesday, the venerable but fading names said they will combine in an effort to compete, as low-cost index funds upend their industry.

Customers are focusing more than ever on costs for money management, and a few large index fund managers dominate the field in managed assets globally.Merger activity in the asset management world has been increasing in recent years. Invesco bought Oppenheimer Funds from Massachusetts Mutual Life Insurance in 2018, while both Janus Henderson Group and Standard Life Aberdeen were formed in mergers in 2017.

Tuesday’s announced transaction values Legg Mason at $50 a share, a 23% premium to the Baltimore-based company’s share price on Friday.

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