Franklin Templeton Acquires World's 7th Largest Hedge Fund Of Funds

Franklin Templeton announced today that it will buy a majority stake in K2 Associates, a hedge fund of funds manager with $9.3 billion in assets under management. According to ValueWalk, the stake is valued at around $183, and represents a further move by Templeton towards diversification through alternative investments. In late 2010, the firm acquired a 20% stake in Pelagos Capital Management, another such maneuver.