Franklin Templeton Agrees to Buy Lexington Partners for $1.75 Billion
- Active fund managers hit as customers move to passive funds
- Deals show the value locked up in private equity firms
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Mutual fund managers are seeking to counter a wave of client defections by betting big on alternative assets.
In less than a week, two of the largest U.S. asset managers have announced acquisitions to expand into the booming businesses of private equity and credit.