SOUTH Africa’s Nedcor Investment Bank (NIB) has reached an agreement in principle with Franklin Templeton to establish an asset management joint venture by merging their respective asset management activities in South Africa. NIB, a subsidiary of Nedcor Ltd, said that while the financial impact on of the proposed joint venture on its earnings and net asset value were not material, the strategic benefits were considered to be significant. A formal agreement is expected to be signed in the first week of August. Franklin Templeton manages assets worth over $230bn globally. – Reuters