Investment firm Franklin Templeton Investments announced last week that it has completed the purchase of a majority stake in fund of hedge funds manager K2 Advisors.

K2 Advisors will use the proceeds from the transaction to purchase all of the equity currently held by private equity firm TA Associates Management and to retire all of K2â??s debt obligations, according to a statement by Franklin Templeton. K2â??s current management has not sold any of its interests, but Franklin Templeton will acquire the remainder of the firm over several years.

K2 has 115 employees worldwide, and had approximately $9.3bn in assets under management as of Aug. 31, while Franklin Templeton has assets under management in excess of $700bn.