Franklin Resources (BEN) was the worst-performing stock in the 澳洲幸运5官方开奖结果体彩网:S&P 500 Wednesday after the investment manager reported that Ken Leech, the co-澳洲幸运5官方开奖结果体彩网:Chief Investment Officer (CIO) of its Western Asset Management unit, was on a leave of absence after receiving a 澳洲幸运5官方开奖结果体彩网:Wells Notice from the 澳洲幸运5官方开奖结果体彩网:Securities a🐭nd Exchang♊e Commission (SEC).

In an SEC filing, Western Asset Management said that because of Leech's exit, it has determined that it would be "in clients' best interests" to close its Macro Opportunities fund, which had approximately $2.0 billion in 澳洲幸运5官方开奖结果体彩网:assets under management (AUM) as of July 31.

Franklin Had Announced Internal Investigation Last Month🅺

In a regulatory filing last month, Franklin Resources announced that it had launched an internal investigation into "certain past trade allocations of treasury derivatives in select Western Asset Management" managed accounts. It explained that the company was also cooperating with parallel government probes by the SEC and the U.S. Department of Justice (DOJ). Franklin Resources added Wednesday that it would "take action as warranted" following its investigation.

Western Asset said✱ that co-CIO Michael Buchanan, who shared the 🐟role with Leech, will now be the CIO.

Shares of Franklin Resources sank 8% as of 2:45 p.m. ET Wednesday to $20.81, their lowest level since November 2020. They are down 30% in 2024.