Franklin to Integrate Wamco Amid SEC Investigation & Heavy Outflows

Franklin Resources, Inc. (BEN) will start to integrate parts of its Western Asset Management Co. (“Wamco”) unit into its larger operations, per a Bloomberg report. This decision follows an ongoing investigation by the U.S. Securities and Exchange Commission (SEC) into Ken Leech, the former lead bond manager at Wamco.In August 2024, BEN replaced Ken Leech, who was serving as the co-chief investment officer (CIO) of its Wamco unit. This was done after the CIO had taken a leave of absence after getting a Wells ...