Franklin Templeton's acquisition of Alcentra, once a leading player in European private credit, is now under scrutiny as the firm struggles to maintain its position. Unlike competitors such as Ares Management and Intermediate Capital Group, which are rapidly growing, Alcentra has seen a decline in its assets.
Franklin Resources Inc. will begin integrating parts of its Western Asset Management Co. unit as it faces a Securities and Exchange Commission investigation involving its prominent bond manager, Ken Leech. The transition will see Wamco's middle office operations merged into the larger firm, as announced by Franklin CEO Jenny Johnson and Wamco CEO Jim Hirschmann during a recent town hall meeting.
Franklin Templeton CEO Jenny Johnson emphasized the firm's commitment to clients amid a significant SEC probe and record financial outflows, particularly from its fixed-income unit. Following the leave of absence of a key investment officer, the firm experienced nearly $24 billion in outflows in one month, but Johnson reassured investors that other strategies remain strong and focused on client needs. She expressed confidence in restoring investor trust and highlighted the importance of doing right by clients for long-term success.
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