Franklin Templeton's Western Asset said it appointed Michael Buchanan as Chief Investment Officer on August 21, 2024. Buchanan had previously served as co-Chief Investment Officer with Ken Leech, and the appointment takes effect immediately.

1. 01

   Franklin Templeton's Western Asset said it appointed Michael Buchanan as Chief Investment Officer on August 21, 2024. Buchanan had previously served as co-Chief Investment Officer with Ken Leech, and the appointment takes effect immediately.

2. 02

   The company said Ken Leech recently received a Wells Notice from the staff of the U.S. Securities and Exchange Commission and is on a leave of absence to focus on the matter.

3. 03

   The company said it launched an internal investigation into certain past trade allocations involving treasury derivatives in select Western Asset-managed accounts, as disclosed in the 10-Q it filed in July. It also said it is cooperating with parallel government investigations and will take action as warranted based on any findings after the investigation concludes.

4. 04

   Western Asset said that, in light of Ken Leech's leave of absence, closing the Macro Opportunities strategy, which had approximately $2.0 billion in assets under management as of July 31, 2024, is in clients' best interests.

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