Franklin Templeton faces unprecedented outflows, losing over $37 billion from its troubled Western Asset Management unit amid investigations into alleged trading misconduct by co-CIO Ken Leech. The firm, once poised to benefit from falling interest rates, now struggles with reputational damage and poor performance, leading to significant client withdrawals and a projected $31 billion in net outflows for the quarter. As competitors gain traction in fixed income, Western's future remains uncertain, with many investors seeking new management options.
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