Franklin Seeks to Move on From Ken Leech by Revamping Wamco (1)

Franklin Resources Inc.’s Western Asset Management Co. unit said its executives will report into the management of the parent company as part of a reorganization intended to move on from a US investigation related to trading practices of its onetime star manager Ken Leech.

Wamco’s chief investment officer, Michael Buchanan, will remain as CIO, reporting to Sonal Desai, global CIO of Franklin Templeton Fixed Income, as part of the reorganization, Wamco said in a letter to clients on Friday. Wamco Chief Executive Officer Thomas Gahan will step aside as CEO effect June 30 as well.

“Franklin ...