How Early Did Franklin Templeton Close Legg Mason?

Jenny Johnson closed Franklin's deal for Legg Mason 60 days early. She never lost faith that it was the right deal, and it turned out to be an amazing deal for Franklin.

Franklin was 75% retail wealth channel and 25% institutional, and Legg Mason was exactly the opposite, so the firms became 50% institutional clients and 50% wealth clients. The mix balances the business better, and the deal got Franklin into private markets. It was announced about five days after she became CEO, following a year of work. Three weeks later everything locked down with COVID, and the market tanked. Some articles said poor Franklin could not get out. A good strategic fit rolls through the ups and downs. Asset managers in down markets do not tend to transact, because they are a great cash-flowing business and people know they will bounce right back with the market. Franklin was happy to proceed. Closing brought much greater complexity. Overlap in corporate services, finance, HR, and legal meant picking the best athletes from both sides. Assuming the buyer's team is already the best team is a common mistake acquirers make. Franklin was not really able to travel and meet the people, so the work happened over video. Because Franklin is so global, video was already part of how meetings ran, even when many people were still skeptical and did not believe in it.

The deal closed 60 days early anyway.