---
schema_version: "secwatch.filing_event.v1"
accession: "0000038777-24-000140"
form_type: "8-K"
ticker: "BEN"
cik: "0000038777"
company_name: "FRANKLIN RESOURCES INC"
filed_at: "2024-08-21T23:59:59+00:00"
generated_at: "2026-05-31T08:20:18.114261+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000038777-24-000140
- form_type: 8-K
- ticker: BEN
- cik: 0000038777
- company_name: FRANKLIN RESOURCES INC
- filed_at: 2024-08-21T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/38777/000003877724000140/0000038777-24-000140-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/38777/000003877724000140/ben-20240821.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000038777-24-000140
- JSON: https://secwatch.observer/filing/0000038777-24-000140.json
- Plain text: https://secwatch.observer/filing/0000038777-24-000140.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.