Ken Leech's departure as CIO amid SEC and Justice Department probes highlights concerns over 'cherry-picking' in trade allocations at Western Asset Management.
The company initiated an internal investigation into past trade allocations involving treasury derivatives and vowed to cooperate with ongoing government probes.
Western Asset's closure of its $2 billion Macro Opportunities strategy and a significant stock drop of parent company Franklin Resources underscore the turmoil ensuing from these inquiries.
With over 30 years at Western and recent struggles with fund performance, Leech's exit marks a pivotal shift for the company, now facing serious scrutiny.
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