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$1.6 Trillion Franklin Templeton Reports $31.3 Billion Outflow & $389 Million Impairment Charges to Fixed Income Manager Western Asset Management with Commodity Futures Trading Commission Conducting Investigation into Derivatives Trades, Had Placed Chief Investment Officer Ken Leech on Leave of Absence in 2024 August After Civil Charges Filed by United States SEC, Investigations on Trade Allocations Involving Treasury Derivatives & Alleged Placing Winning Trades To Preferred Clients Accounts

9th November 2024 | Hong Kong

Franklin Templeton ($1.6 trillion AUM) has reported $31.3 billion outflow & $389 million impairment charges (2024 Q3 earnings) to fixed income manager Western Asset Management with the Commodity Futures Trading Commission (CFTC) conducting an investigation into the derivatives trades.  In 2024 August, Franklin Templeton fixed income manager Western Asset Management ($381 Billion AUM) had announced to close the $2 billion Macro Opportunities Strategy Fund, and placed Chief Investment Officer Ken Leech on leave of absence after civil charges were filed by the United States SEC (Securities & Exchange Commission).  The investigations are on trade allocations involving treasury derivatives, and alleged placing winning trades to preferred clients accounts.  Western Asset Management has appointed Michael Buchanan as Chief Investment Officer with immediate effect.   Western Asset Management Company (21/8/24): “Western Asset Management Company (“Western Asset” or the “Company”), a global manager of active fixed-income solutions, announced today that it has appointed Michael Buchanan to Chief Investment Officer. Mr. Buchanan had served as co-Chief Investment Officer with Ken Leech, who is on a leave of absence, effective immediately.   In line with the Company’s succession plan, Mr. Buchanan has been elevated to Chief Investment Officer.  Along with his responsibilities as Chief Investment Officer, Mr. Buchanan has assumed leadership of all global investment management responsibilities.  With nearly two decades at the Company and over three decades of industry expertise, Mr. Buchanan has helped lead the Company’s Global and US Strategy Committees and has had direct oversight of the Company’s global investment teams, including global macro and all sector teams.  Prior to Western Asset, Mr. Buchanan served as Managing Director and Head of US Credit Products at Credit Suisse Asset Management and as Executive Vice President and Portfolio Manager at Janus Capital Management.  As disclosed in the 10-Q filed by Franklin Resources in July, the Company launched an internal investigation into certain past trade allocations involving treasury derivatives in select Western Asset-managed accounts.  The Company is also cooperating with parallel government investigations. Mr. Leech recently received a Wells Notice from the Staff of the U.S. Securities and Exchange Commission, and is on a leave of absence to focus on this matter.”

“ $1.6 Trillion Franklin Templeton Reports $31.3 Billion Outflow & $389 Million Impairment Charges to Fixed Income Manager Western Asset Management with Commodity Futures Trading Commission Conducting Investigation into Derivatives Trades, Had Placed Chief Investment Officer Ken Leech on Leave of Absence in 2024 August After Civil Charges Filed by United States SEC, Investigations on Trade Allocations Involving Treasury Derivatives & Alleged Placing Winning Trades To Preferred Clients Accounts “

 



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$1.6 Trillion Franklin Templeton Fixed Income Manager Western Asset Management to Close $2 Billion Macro Opportunities Strategy Fund, Placed Chief Investment Officer Ken Leech on Leave of Absence After Civil Charges Filed by United States SEC, Investigations on Trade Allocations Involving Treasury Derivatives & Alleged Placing Winning Trades To Preferred Clients Accounts, Western Asset Management Appoints Michael Buchanan as Chief Investment Officer With Immediate Effect 

New York City, United States

22nd August 2024 – Franklin Templeton ($1.6 trillion AUM) fixed income manager Western Asset Management ($381 Billion AUM) has announced to close the $2 billion Macro Opportunities Strategy Fund, and placed Chief Investment Officer Ken Leech on leave of absence after civil charges were filed by the United States SEC (Securities & Exchange Commission).  The investigations are on trade allocations involving treasury derivatives, and alleged placing winning trades to preferred clients accounts.  Western Asset Management has appointed Michael Buchanan as Chief Investment Officer with immediate effect.   Western Asset Management Company (21/8/24): “Western Asset Management Company (“Western Asset” or the “Company”), a global manager of active fixed-income solutions, announced today that it has appointed Michael Buchanan to Chief Investment Officer. Mr. Buchanan had served as co-Chief Investment Officer with Ken Leech, who is on a leave of absence, effective immediately.   In line with the Company’s succession plan, Mr. Buchanan has been elevated to Chief Investment Officer.  Along with his responsibilities as Chief Investment Officer, Mr. Buchanan has assumed leadership of all global investment management responsibilities.  With nearly two decades at the Company and over three decades of industry expertise, Mr. Buchanan has helped lead the Company’s Global and US Strategy Committees and has had direct oversight of the Company’s global investment teams, including global macro and all sector teams.  Prior to Western Asset, Mr. Buchanan served as Managing Director and Head of US Credit Products at Credit Suisse Asset Management and as Executive Vice President and Portfolio Manager at Janus Capital Management.  As disclosed in the 10-Q filed by Franklin Resources in July, the Company launched an internal investigation into certain past trade allocations involving treasury derivatives in select Western Asset-managed accounts.  The Company is also cooperating with parallel government investigations. Mr. Leech recently received a Wells Notice from the Staff of the U.S. Securities and Exchange Commission, and is on a leave of absence to focus on this matter.”




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