Western Asset Management Co.'s core plus bond mutual fund has experienced a significant decrease in assets, falling below $10 billion to $9.96 billion as of November 1.
This decline is a result of investor redemptions, which were primarily triggered by an investigation involving Co-Chief Investment Officer Ken Leech.
On August 21, the firm announced that Leech would be taking a leave of absence following a notice from the U.S. Securities and Exchange Commission regarding potential enforcement action.
The fund's assets have dropped by more than half this year, going from $22.3 billion at the beginning of 2024 to its current value, according to Bloomberg data.