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富兰克林资源公司的Wamco准备失去芝加哥教师的授权--报告
2024-08-28 21:48
- The Chicago Teacher's Pension Fund is poised to liquidate its investment in one of Western Asset Management's flagship bond funds, an early repercussion from federal probes into the firm, according to a media report.
- Western Asset Management Co., or Wamco, is a division of Franklin Resources (NYSE:BEN), also known as Franklin Templeton. Last week, Ken Leech, a co-chief investment officer at Wamco, went on leave after receiving a Wells Notice from the staff of the U.S. Securities and Exchange Commission. Later, Bloomberg News reported that the Justice Department also opened a criminal probe into its alleged practice of allocating more successful trades to favored clients.
- The Chicago Teachers' Pension Fund's investment committee voted Tuesday to recommend ending Waco's Core Plus fixed-income mandate, which managed $550M for the pension fund at the end of June, Bloomberg reported, citing a statement from CTPF's chief investment officer.
- BEN stock slipped 0.5% in Wednesday morning trading.
- The earliest that the CTPF's board of trustees could take action is at its next meeting, scheduled for Sept. 19.
- Since the Wells Notice was disclosed on Aug. 21, Franklin Resources (BEN) stock has dropped ~11%.
More on Franklin Resources
- Franklin Resources: Challenging, Yet Tempting At The Same Time
- Franklin Resources, Inc. (BEN) Q3 2024 Earnings Call Transcript
- Franklin Resources, Inc. 2024 Q3 - Results - Earnings Call Presentation
- BEN, TROW, VRTS rated new Underweight at Barclays, BLK gets Overweight rate
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