Western Asset Management Co. (WAM), a subsidiary of Franklin Resources, Inc., announced on February 24, 2025, the appointment of four deputy chief investment officers. This leadership restructuring aims to emphasize a 'team-based approach' to investment management.
The appointments come in the aftermath of criminal fraud charges against WAM's former star trader and veteran, Ken Leech, and follow substantial outflows totaling $120 billion from the unit. This significant reduction in assets under management necessitates a strategic shift in leadership and operational focus.
The move to a team-based CIO structure is an effort to stabilize WAM and restore client confidence amidst ongoing challenges. It reflects Franklin Templeton's commitment to addressing the issues at its fixed income specialist and ensuring continuity in investment performance.
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