The financial terms of the transaction were not disclosed.

Global investment management firm Franklin Templeton Investments has agreed to acquire Scottish fund manager Edinburgh Partners for an undisclosed sum.

The transaction is subject to regulatory approvals and is expected to be completed in the first half of 2018, the firms said in a statement.

Chief executive and investment partner of Edinburgh Partners, Sandy Nairn, will stay in his roles at the firm, and will become chairman of Templeton global equity group.

He will report to Stephen Dover, Franklin Templeton’s head of equities.

Based in Edinburgh, with an office in London and two in the US, Edinburgh Partners is an independent fund management company. Edinburgh Partners manages approximately $10 billion as of 31 December, in global and emerging markets equities.

“We’re pleased to announce the acquisition of Edinburgh Partners, an established global value investment manager, and to welcome back Dr Sandy Nairn to our organisation,” said Jenny Johnson, president and chief operating officer of Franklin Resources, the organisation operating as Franklin Templeton Investments. “He brings a tremendous amount of leadership experience and expertise in managing global and international equities, an area that continues to be of strong interest to our clients around the world. This is the latest example of the firm continuing to make strategic investments in relatively small, yet highly experienced asset management teams that complement Franklin Templeton’s global offerings.”

The financial terms of the transaction were not disclosed.

Franklin Templeton Investments provides global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries. With offices in over 30 countries, the California-based company has more than 70 years of investment experience and $753 billion in assets under management as of 31 December.