Reported 21 days ago
Franklin Resources has seen a significant outflow exceeding $53 billion from its bond unit, Western Asset Management Co. (Wamco), following a federal investigation into its co-CIO Ken Leech. Approximately $18 billion was withdrawn in October alone, resulting in the flagship Core Plus Bond Fund dropping below $10 billion for the first time this year. Major investors, including the Ohio Bureau of Workers' Compensation, have pulled substantial amounts from Wamco, which has faced continued cash outflows and deteriorating fund performance.
Source: YAHOO