Franklin Templeton Buys FinTech Firm AdvisorEngine
Franklin Resources Inc. (NYSE: BEN), an investment management firm operating as Franklin Templeton, has purchased digital wealth platform, AdvisorEngine Inc.
Franklin Resources Inc. (NYSE: BEN), an investment management firm operating as Franklin Templeton, has purchased AdvisorEngine Inc., a digital wealth platform that provides technology and consulting services to approximately 1,200 financial advisory firms in the United States that manage in excess of $600 billion in assets. Financial terms were not disclosed.
The companies plan to co-create new proprietary services, including financial planning tools, digital portfolio construction analytics, and research-enabled practice management services with the goal of helping financial advisors build their wealth management offerings.
“We’re in the midst of the fourth industrial revolution, and technological advances are reshaping how financial solutions are delivered,” said Jenny Johnson, president and CEO of Franklin Templeton. “As a result, we continue to invest in technology and teams to enhance our offerings and enable us to innovate at the nexus of asset management, wealth management and technology.”
AdvisorEngine plans to build upon their open-architecture platform strategy by establishing new relationships with custodians, financial technology providers and asset managers, the company said. The firm’s leadership team will remain in place and continue to operate as an independent subsidiary of Franklin Templeton.
In February, Franklin Templeton announced plans to purchase Legg Mason Inc. (NYSE: LM) for $4.5 billion, or $50.00 per share of common stock in an all-cash transaction.
Franklin Templeton has more than $580 billion in assets under management as of March 31, 2020.
