Western Asset appoints Buchanan CIO; Leech on leave after SEC Wells Notice; closes $2B strategy

FRANKLIN RESOURCES INC

Michael Buchanan named CIO, succeeding Ken Leech who is on immediate leave of absence.
Leech received a Wells Notice from SEC staff related to past trade allocations involving Treasury derivatives.
Franklin Resources disclosed internal investigation into certain trade allocations; cooperating with parallel government investigations.
Western Asset to close its Macro Opportunities strategy, with approximately $2.0B in AUM as of July 31, 2024.

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