Franklin Templeton shutters $2 billion fund after executive steps down amid SEC probe

Aug 21st, 14:47:31

NEW YORK (Reuters) - Franklin Templeton announced on Wednesday that it will shutter a $2 billion fund and that Michael Buchanan will become sole chief investment officer of wholly owned subsidiary Western Asset Management.

The appointment comes after Ken Leech, Western Asset's co-chief investment officer alongside Buchanan, took a leave of absence after receiving a so-called Wells notice from the U.S. Securities and Exchange Commission, according to a statement from Franklin Templeton.

A Wells notice is a formal notification from the SEC that it has concluded an investigation with charges likely to follow.

Franklin Templeton said it will also shutter the $2 billion Macro Opportunities strategy fund after Leech stepped down.

"The company launched an internal investigation into certain past trade allocations involving Treasury derivatives in select Western Asset-managed accounts. The company is also cooperating with parallel government investigations," according to the statement.

Franklin Templeton's shares traded down nearly 12% at $19.93, on track for the biggest daily percent decline since October 2020.

https://app.piqsuite.com/reuters/franklin-templeton-shutters-2-billion-fund-after-executive-steps-down-amid-sec-probe

>>21455490

You're watching a movie."

>>21455514

I have my redneck fire alarms.

Overdue.

US bank regulator taps ex-prosecutor to oversee 'cultural transformation'

Aug 21st, 14:51:46

(Reuters) - A former federal prosecutor with experience overseeing efforts to address systemic sexual harassment and discrimination will monitor progress toward the "cultural transformation" of the U.S. Federal Deposit Insurance Corporation, the bank regulator announced Wednesday.

The appointment of Carrie Cohen, currently of the corporate law firm Morrison Foerster, is the FDIC's latest step in addressing a sexual harassment scandal that forced the resignation of its chair, Martin Gruenberg, earlier this year.

The U.S. Senate has yet to vote on President Joe Biden's nominee to succeed Gruenberg, Christy Goldsmith Romero, who now serves on the U.S. Commodity Futures Trading Commission.

https://app.piqsuite.com/reuters/us-bank-regulator-taps-ex-prosecutor-to-oversee-cultural-transformation

Wow she can reach….

emptywheel (cheek)@emptywheel

Except savvy journalists can see right through this double lie and raise the alarm about an attempt to win via means that don't involve voting.

Vaughn Hillyard @VaughnHillyard

·

1h

Trump on stage says explicitly where his focus is:

“Our primary focus is not to get out the vote — but to make sure they don’t cheat.”

He goes on to say they already have enough votes.

https://twitter.com/emptywheel/status/1826340361675178153

Up at the crack of three again….

UNICORN RIOT

@UR_Ninja

Chicago DNC Protests: Day 3

(Support independent media)

https://twitter.com/UR_Ninja/status/1826361290065150025

Nick Sortor

@nicksortor

🚨 NOW: This Army veteran is being is being HARASSED by “protestors” at Union Park in Chicago simply for flying an American flag and saying “AMERICA FIRST.”

These people aren’t just anti-Israel. They’re ANTI-AMERICA.

https://twitter.com/nicksortor/status/1826362640781775127

>>21455875

Proof that real AnteFa aren't there yet.