Western Asset's Leech Leaves CIO Role Amid SEC, DOJ Probes

What You Need To Know

• Regulators are looking into if some clients were favored over others in the allocation of gains and losses from derivatives trades.
• Western Asset, with $381 billion in assets, is one of the original California bond giants.
• Franklin Resources, which has about $1.6 trillion in assets, acquired Western as part of its 2020 purchase of Legg Mason.