Reported about 6 hours ago
Franklin Resources Inc. is restructuring to address a significant outflow of $120 billion from its Western Asset Management Co. (Wamco) division amid an ongoing investigation into its former bond trader, Ken Leech. The company plans to integrate Wamco into its main operations and has set a goal to reduce expenses by $200 to $250 million for fiscal year 2026, as it continues to deal with investor withdrawals. Despite a minor share price increase, analysts anticipate that outflows from Wamco will persist after a challenging year, marked by steep declines in assets under management.
Source: YAHOO