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Samsung Asset Management unit to absorb Franklin Templeton Capital

Samsung Active Asset Management Co. Ltd., a unit of Samsung Asset Management Co. Ltd., said March 14 it will absorb the operations of Franklin Templeton Investment Trust Management Co. Ltd. in a merger scheduled to take effect July 1.

Franklin Templeton Investment Trust Management is the South Korean unit of Franklin Templeton Capital Holdings Private Ltd. (Singapore).

Samsung Active Asset Management will be the surviving entity in the merger based on a 0.2326696 share of Franklin Templeton Investment Trust Management for each share of Samsung Active Asset Management, the company said in a disclosure filed with the Korea Financial Investment Association.

Franklin Templeton Investment Trust Management registered a net loss of 229 million won for the business year ended March 31, 2017, with assets worth 53.3 billion won, according to the filing.

As of March 14, US$1 was equivalent to 1,064.07 South Korean won.