South Korea-based Samsung Active Asset Management will merge with Franklin Templeton Investment Trust Management Co, to create a joint venture (JV) that will deliver diverse active fund products to the domestic and international market.

The merger, which has been endorsed by the Samsung Active’s board of directors, is expected to conclude during the second half of 2018, subject to receipt of regulatory approvals.

Upon completion of the merger, the combined entity will operate under the brand name of Samsung Franklin Templeton Asset Management Co.

The integrated company will concentrate on large-cap growth and small and mid-cap equity strategies and will tap Franklin Templeton’s global active management and research capabilities.

Samsung Active, which was established in January 2017, operates as a subsidiary of Samsung Asset Management in Korea. Franklin Templeton’s Korean united was established in March 1988.

Commenting on the merger, Franklin Templeton Asia Pacific managing director Mark Browning said that that the company “remains committed to our Korean clients and will provide global investment expertise across a variety of asset classes within the structure of this new joint venture”.

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Samsung Active believes that the merger will help it diversify active funds in the local market and tailor products that Franklin is operating in the international markets for regional investors.