Core Viewpoint - Western Asset Management confirmed the administrative detention and fine of its fund manager, Xie Wenzeng, for illegal gambling, leading to his dismissal and contract termination on September 25, 2025 [1][2]. Group 1: Incident Details - On September 7, 2025, Xie Wenzeng engaged in illegal gambling at a hotel in Changning District, Shanghai, resulting in a ten-day administrative detention and a fine of 500 yuan [1][2]. - The company took immediate action by freezing his operational permissions upon learning of the incident and conducted a thorough investigation [2]. Group 2: Company Response - Western Asset Management has committed to enhancing the ethical management of its employees and reinforcing accountability, emphasizing a commitment to investor interests and improving management capabilities [1][4]. - The company has a history dating back to its establishment in July 2010, with a public fund management scale exceeding 100 billion yuan as of the second quarter of this year [4]. Group 3: Background of the Fund Manager - Xie Wenzeng previously held positions in various financial institutions, including Deputy Director of the Financial Office in Changge City and investment manager roles at several banks and securities firms before joining Western Asset Management in October 2022 [3]. - At the time of the incident, he managed funds with a total scale exceeding 3.5 billion yuan [3]. Group 4: Industry Implications - The incident highlights the need for fund companies to prevent regulatory accountability due to non-compliance with management obligations, which can directly impact their market reputation [5]. - Negative behavior from fund managers tends to be amplified by public perception, necessitating better behavioral constraints and a positive image for both the company and the industry [5].