• Franklin Resources (NYSE:BEN), through Franklin Templeton, has agreed to acquire a crypto asset management business spun out from CoinFund.
• The deal includes the creation of Franklin Crypto, a new unit focused on providing digital asset products and services to institutional investors.
• The unit is led by crypto industry veterans and is aimed at serving pensions, sovereign wealth funds and other large allocators.

Franklin Resources, trading around $23.59, is adding a dedicated crypto arm at a time when its 1-year return stands near 28.4% and its 3-year return is about 4.3%. Short-term trading has been mixed, with a 1.3% decline over the past week and a 12.6% decline over the past month. Year-to-date performance is close to flat at a…