K2 Advisors sells out to Franklin

■ K2 Advisors became the latest fund of hedge funds to sell out to a much bigger rival, with a deal announced last night to sell a majority stake to Franklin Resources. Current management of K2 will receive no up-front payment under terms of the deal, Franklin Resources said in a statement. Franklin, which owns the Templeton brand of international mutual funds, will be able to buy the remainder of K2 from 2016.