The business is now part of Franklin Resources, and the newly combined organisation brings together more than 1,300 investment professionals and establishes Franklin Templeton as one of the world’s largest independent asset managers with  US$1.4 trillion in assets under management globally.

Franklin Templeton Global chief executive Jenny Johnson says collectively the group offers "an exceptional array of investment strategies that we believe help us fulfill our mission to deliver better financial outcomes for our clients."

"The addition of the specialist investment managers from Legg Mason brings complementary strengths to Franklin Templeton’s investment teams and together provide our clients with a broader and more diversified range of strategies."

The combined entity will be Franklin Templeton - Legg Mason will become part of Franklin Templeton with a new, combined corporate-level leadership team under the stewardship of Johnson.

The Legg Mason brand will be phased out over the coming weeks. Legg Mason fund names remain unchanged for the time being.

Legg Mason’s specialist investment managers, such as Martin Currie, Western Asset, Brandywine Global, Clarion Partners and QS Investors, will continue to maintain their autonomy, whilst accessing Franklin Templeton’s global infrastructure and ongoing investment in technology and innovation. This means there will be no change to the way investments are managed.