Franklin Templeton, the US asset management behemoth, and UK-listed Jupiter have said their acquisitions of rival fund houses remain on track, despite global equity markets having plunged since both were announced last month.

California-headquartered Franklin announced on 18 February that it would buy rival Legg Mason for $4.5bn in an all-cash deal to create a $1.5tn global asset management powerhouse. The transaction will see Legg Mason shareholders receive $50 a share, with Franklin assuming about $2bn in Legg Mason debt.