United States $1.5 Trillion Franklin Templeton to Buy Majority Stake in UK-Based Europe Private Debt Investment Manager Apera Asset Management with $5.7 Billion AUM, Franklin Templeton Alternative Assets Will Increase to $260 Billion AUM & $87 Billion Alternative Credit AUM, Apera Founded in 2016 by Klaus Petersen, David Wilmot & Robert Shaw, Apera Provides Senior Secured Private Capital Solutions to Private Equity-Backed Companies in Western Europe
5th June | Hong Kong
United States asset manager Franklin Templeton ($1.5 trillion AUM) has announced to buy a majority stake in UK-based Europe private debt investment manager Apera Asset Management ($5.7 billion AUM), with Franklin Templeton Alternative Assets to increase to $260 billion AUM & $87 billion Alternative Credit AUM. Apera was founded in 2016 by Klaus Petersen, David Wilmot & Robert Shaw. Apera provides senior secured private capital solutions to private equity-backed companies in Western Europe. Announcement (4/6/25): “Franklin Resources, Inc. [NYSE: BEN], a global investment management organisation operating as Franklin Templeton, today announced it has entered into a definitive agreement to acquire a majority interest in Apera Asset Management (“Apera”), a pan-European private credit firm with over €5 billion in assets under management (“AUM”). The acquisition will expand Franklin Templeton’s global alternatives platform and its direct lending capabilities across Europe’s growing lower middle market. With the acquisition of Apera, Franklin Templeton’s global alternative credit AUM would increase to $87 billion and the firm’s total pro-forma alternative asset AUM would grow to approximately $260 billion, each as of 30 April, 2025, reinforcing its position as a leading manager of diversified alternative asset strategies. Apera will be complementary to Franklin Templeton’s existing global alternative credit offerings, alongside Benefit Street Partners in the U.S. and Alcentra in Europe, further diversifying the firm’s geographic exposure and capabilities within the private credit asset class. Founded in 2016, Apera provides senior secured private capital solutions to private equity-backed companies in Western Europe. Headquartered in London, with offices in Germany, France, and Luxembourg, Apera has built a strong track record of disciplined underwriting and deep sponsor relationships and brings differentiated capabilities and expertise in the pan-European lower middle market – a segment that remains underserved relative to the broader private credit landscape. Apera recently closed its third flagship fund family at €2.9 billion, exceeding its target and reflecting investor demand for access to European private credit … … This transaction is expected to close in Q3 2025, subject to customary regulatory approvals and closing conditions.” In 2025 May, United States asset manager Franklin Templeton ($1.5 trillion AUM) & Saudi Arabia $930 billion sovereign wealth fund Public Investment Fund (PIF) have signed a MoU (Memorandum of Understanding) to jointly invest $5 billion to develop Saudi Arabia financial markets in public (equity & fixed income) and private markets to broaden investment offerings to Saudi Arabia & international investors. In 2025 May, Franklin Templeton announced the launch of Franklin OnChain U.S. Dollar Short-Term Money Market Fund for retail investors in Singapore under Franklin Templeton Investments VCC (Variable Capital Company), with minimum investment of only $20. The fund mirrors the $1.7 billion Franklin U.S. Dollar Short-Term Money Market Fund investing in mainly USD-denominated or USD-hedged high quality short-term securities (transferable securities, money market instruments of government & eligible securities of companies). In 2025 April, United States asset manager Franklin Templeton ($1.5 trillion AUM) & secondaries private equity specialist Lexington Partners ($76 billion AUM) announced the launch of a new secondaries evergreen fund Franklin Lexington PE Secondaries Fund (FLEX-I), with investment goal to achieve long-term capital appreciation byinvesting in private equity investments via secondary transactions, co-investments in new private equity transactions alongside leading sponsors and investing in private assets including buyout, growth, venture, credit, mezzanine, infrastructure, energy & real assets. The new fund is available to professional investors in Hong Kong & Japan and accredited investors in Singapore. The new fund is a sub-fund of the Luxembourg-domiciled Franklin Lexington Private Markets Fund SICAV SA. In 2025 March, Franklin Templeton ($1.5 trillion AUM) announced to provide international clients with access to 2024-acquired active equity manager Putnam Investments ($121 billion AUM). In 2025 March, Franklin Templeton fixed income manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech pleaded not guilty to multi-year fraud to allocate favourable trades to certain portfolio from 2021 to 2023. Western Asset Management appoints 4 Deputy CIOs Ryan Brist, Anthony Kirkham, Mark Lindbloom & Annabel Rudebeck, with all reporting to CIO Mike Buchanan. Earlier in 2025 February, Franklin Templeton is planning to cut 3% of 9,000+ global workforce. In 2025 January, Franklin Templeton launched a low volatility & yield seeking bond fund (Franklin Global Low Volatility Bond Fund) with Hang Seng Bank appointed as distributor in Hong Kong. Franklin Global Low Volatility Bond Fund invests at least 65% of NAV (Net Asset Value) in government-related investment grade debt securities, and is managed by Franklin Templeton fixed income team Chris Siniakov, Andrew Canobi & Joshua Rout. In 2024 November, the United States Securities & Exchange Commission (SEC) charged Franklin Templeton fixed income manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech for multi-year fraud to allocate favourable trades to certain portfolio from 2021 to 2023. Earlier in 2024 November, Franklin Templeton reported $31.3 billion outflow & $389 million impairment charges (2024 Q3 earnings) to fixed income manager Western Asset Management with the Commodity Futures Trading Commission (CFTC) conducting an investigation into the derivatives trades. In 2024 August, Franklin Templeton fixed income manager Western Asset Management ($381 Billion AUM) announced to close the $2 billion Macro Opportunities Strategy Fund, and placed Chief Investment Officer Ken Leech on leave of absence after civil charges were filed by the United States SEC (Securities & Exchange Commission). The investigations are on trade allocations involving treasury derivatives, and alleged placing winning trades to preferred clients accounts. Western Asset Management has appointed Michael Buchanan as Chief Investment Officer with immediate effect. In 2024 September, Franklin Templeton launched the flagship Franklin Income Fund new Class Q shares exclusive to OCBC clients in Singapore with subscription closing on 24th September 2024. The Class Q shares targets to distribute non-guaranteed monthly dividend payments at the discretion of the fund manager, and has 0% initial sales charge. Additional fees of up to 3% to apply if redeemed within 3 years, with the Class Q shares automatically converting to Class A shares after 3 years. The fund is available in USD & SGD. In 2024 July, Franklin Templeton & Japan SBI Holdings signed a MoU (Memorandum of Understanding) to setup a joint venture in Japan, with the joint venture to combine Franklin Templeton investment products including ETFs (Exchange-traded funds) & experience in digital assets with SBI Holdings distribution & integrated financial services capabilities including securities, asset management, banking & insurance in Japan.
“ United States $1.5 Trillion Franklin Templeton to Buy Majority Stake in UK-Based Europe Private Debt Investment Manager Apera Asset Management with $5.7 Billion AUM, Franklin Templeton Alternative Assets Will Increase to $260 Billion AUM & $87 Billion Alternative Credit AUM, Apera Founded in 2016 by Klaus Petersen, David Wilmot & Robert Shaw, Apera Provides Senior Secured Private Capital Solutions to Private Equity-Backed Companies in Western Europe “
Klaus Petersen, Founding Partner of Apera: “This transaction with Franklin Templeton marks an exciting new chapter for Apera. We share a long-term vision centered on performance and responsible growth. With Franklin Templeton’s global scale and clear commitment to alternatives, we are well-positioned to accelerate the growth of our strategy and expand our reach while continuing to deliver for our investors.”
David Manlowe, CEO of Benefit Street Partners: “Apera is a strong strategic fit for our platform. Their focus on the European lower middle market adds a new dimension to our global private credit capabilities. It’s a segment distinct from those served by BSP and Alcentra, and one where Apera’s local expertise and disciplined underwriting approach provide access to attractive, risk-adjusted returns.”
Jenny Johnson, CEO of Franklin Templeton: “The acquisition of Apera reflects our continued commitment to building a world-class global alternatives platform. We are pleased to welcome Apera’s outstanding team and believe our combined capabilities will deliver even greater value to clients globally.”
Franklin Templeton – Franklin Resources, Inc. [NYSE:BEN] is a global investment management organisation with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialisation on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.54 trillion in assets under management as of 30 April, 2025. Franklin Templeton is one of the largest managers in alternative assets globally, amounting to US$254 billion of the firm’s total AUM as of 30 April, 2025. Its specialist investment managers, each with deep domain expertise, provide a diverse range of alternative asset capabilities including private credit and real estate debt from Benefit Street Partners-Alcentra, real estate equity from Clarion Partners, secondary private equity and co-investments from Lexington Partners, hedged strategies from Franklin Templeton Investment Solutions and pre-IPO growth equity investments from Franklin Venture Partners.
Apera – Apera is a pan-European mid-market private debt investor operating in DACH, the UK, Nordics, France and Benelux with a team of 55 people. It develops long-term partnerships with sponsors, companies, and advisors by providing bespoke financing solutions that enable lower mid-market businesses in Western Europe to grow and thrive, whilst producing attractive returns. Apera is focused on bringing a new standard of transparency to the private debt market. It strives to maintain the highest standards of integrity, promoting collaborative teamwork and drawing on its wealth of experience in long-term private debt investment. Apera Asset Management LLP is authorised and regulated by the UK Financial Conduct Authority (FCA). Apera Asset Management GmbH is authorised and regulated by the German Federal Financial Supervisory Authority (BaFin) and the Chamber of Industry and Commerce of Munich and Upper Bavaria. Apera Asset Management GmbH – French branch is authorised and regulated by BaFin, the French Prudential Supervision and Resolution Authority (ACPR) and the French Financial Markets Authority (AMF).
United States $1.5 Trillion Franklin Templeton & Saudi Arabia $930 Billion Sovereign Wealth Fund Public Investment Fund (PIF) Sign MoU to Jointly Invest $5 Billion to Develop Saudi Arabia Financial Markets in Public (Equity & Fixed Income) and Private Markets to Broaden Investment Offerings to Saudi Arabia & International Investors
16th May 2025 – United States asset manager Franklin Templeton ($1.5 trillion AUM) & Saudi Arabia $930 billion sovereign wealth fund Public Investment Fund (PIF) have signed a MoU (Memorandum of Understanding) to jointly invest $5 billion to develop Saudi Arabia financial markets in public (equity & fixed income) and private markets to broaden investment offerings to Saudi Arabia & international investors. Announcement (14/5/25): “Franklin Templeton Financial Company (FTFC) and PIF today signed a non-binding memorandum of understanding (MoU) to partner in investing up to $5 billion to further develop Saudi Arabia’s financial markets. These investments may range across Saudi equity and fixed income strategies in the public and private markets, aiming to broaden investment offerings for both Saudi and international investors … … The MoU underscores PIF’s ongoing strategy to strengthen partnerships with top international financial institutions, while also diversifying its investments portfolio. The collaboration forms part of PIF’s broader efforts to diversify the Saudi economy and further develop local capital markets. Under the MoU, both entities seek to collaborate on a range of investment strategies and products in Saudi Arabia, with the goal of developing opportunities that align with their shared objectives. Additionally, Franklin Templeton will deploy programs and initiatives to transfer knowledge, foster talent and promote innovation in the asset management sector. PIF is one of the world’s most impactful investors, enabling the creation of new sectors and opportunities that help shape the global economy, while driving the economic transformation of Saudi Arabia. This MoU complements a series of PIF initiatives to promote further growth in the Saudi capital market ecosystem and enable a more robust international investment management sector based in Saudi Arabia. Today’s non-binding MoU is subject to satisfying certain necessary conditions including obtaining all necessary regulatory and internal approvals, and fulfilling specified milestones. Franklin Templeton, a leading global investment manager, headquartered in California, has over 75 years of experience, bringing best practices from around the world to help develop the Saudi market. With a 25-year presence in the Middle East, the firm further solidified its commitment to Saudi Arabia with the opening of its Riyadh office in March 2024. Renowned for its pioneering approach to emerging market investments FT is one of the first global asset managers to invest in the Saudi capital market and now offers a suite of investment and research services from its Riyadh location. These include MENA and Saudi Fixed Income, GCC and Saudi Private Credit, Global Sukuk, and Frontier and MENA Equities. As of the end of April 2025, the firm’s total assets under management stood at $1.53 trillion. In 2025 May, Franklin Templeton announced the launch of Franklin OnChain U.S. Dollar Short-Term Money Market Fund for retail investors in Singapore under Franklin Templeton Investments VCC (Variable Capital Company), with minimum investment of only $20. The fund mirrors the $1.7 billion Franklin U.S. Dollar Short-Term Money Market Fund investing in mainly USD-denominated or USD-hedged high quality short-term securities (transferable securities, money market instruments of government & eligible securities of companies). In 2025 April, United States asset manager Franklin Templeton ($1.5 trillion AUM) & secondaries private equity specialist Lexington Partners ($76 billion AUM) have announced the launch of a new secondaries evergreen fund Franklin Lexington PE Secondaries Fund (FLEX-I), with investment goal to achieve long-term capital appreciation byinvesting in private equity investments via secondary transactions, co-investments in new private equity transactions alongside leading sponsors and investing in private assets including buyout, growth, venture, credit, mezzanine, infrastructure, energy & real assets. The new fund is available to professional investors in Hong Kong & Japan and accredited investors in Singapore. The new fund is a sub-fund of the Luxembourg-domiciled Franklin Lexington Private Markets Fund SICAV SA. In 2025 March, Franklin Templeton ($1.5 trillion AUM) announced to provide international clients with access to 2024-acquired active equity manager Putnam Investments ($121 billion AUM). In 2025 March, Franklin Templeton fixed income manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech had pleaded not guilty to multi-year fraud to allocate favourable trades to certain portfolio from 2021 to 2023. Western Asset Management appoints 4 Deputy CIOs Ryan Brist, Anthony Kirkham, Mark Lindbloom & Annabel Rudebeck, with all reporting to CIO Mike Buchanan. Earlier in 2025 February, Franklin Templeton is planning to cut 3% of 9,000+ global workforce. In 2025 January, Franklin Templeton launched a low volatility & yield seeking bond fund (Franklin Global Low Volatility Bond Fund) with Hang Seng Bank appointed as distributor in Hong Kong. Franklin Global Low Volatility Bond Fund invests at least 65% of NAV (Net Asset Value) in government-related investment grade debt securities, and is managed by Franklin Templeton fixed income team Chris Siniakov, Andrew Canobi & Joshua Rout. In 2024 November, the United States Securities & Exchange Commission (SEC) has charged Franklin Templeton fixed income manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech for multi-year fraud to allocate favourable trades to certain portfolio from 2021 to 2023. Earlier in 2024 November, Franklin Templeton reported $31.3 billion outflow & $389 million impairment charges (2024 Q3 earnings) to fixed income manager Western Asset Management with the Commodity Futures Trading Commission (CFTC) conducting an investigation into the derivatives trades. In 2024 August, Franklin Templeton fixed income manager Western Asset Management ($381 Billion AUM) had announced to close the $2 billion Macro Opportunities Strategy Fund, and placed Chief Investment Officer Ken Leech on leave of absence after civil charges were filed by the United States SEC (Securities & Exchange Commission). The investigations are on trade allocations involving treasury derivatives, and alleged placing winning trades to preferred clients accounts. Western Asset Management has appointed Michael Buchanan as Chief Investment Officer with immediate effect. In 2024 September, Franklin Templeton launched the flagship Franklin Income Fund new Class Q shares exclusive to OCBC clients in Singapore with subscription closing on 24th September 2024. The Class Q shares targets to distribute non-guaranteed monthly dividend payments at the discretion of the fund manager, and has 0% initial sales charge. Additional fees of up to 3% to apply if redeemed within 3 years, with the Class Q shares automatically converting to Class A shares after 3 years. The fund is available in USD & SGD. In 2024 July, Franklin Templeton & Japan SBI Holdings have signed a MoU (Memorandum of Understanding) to setup a joint venture in Japan, with the joint venture to combine Franklin Templeton investment products including ETFs (Exchange-traded funds) & experience in digital assets with SBI Holdings distribution & integrated financial services capabilities including securities, asset management, banking & insurance in Japan.
PIF (Public Investment Fund) – PIF is the investment engine driving economic transformation for Saudi Arabia and the world. With an ambitious program to deliver Vision 2030, PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment. And as a global investor and catalyst of change, PIF actively partners with the most pioneering organizations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future. Since 2017, PIF has established 103 companies and is driving the transition to a more sustainable economy through strategic investments and partnerships across the Saudi public and private sector. PIF is laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia.
United States $1.5 Trillion Asset Manager Franklin Templeton to Launch Franklin OnChain U.S. Dollar Short-Term Money Market Fund for Retail Investors in Singapore under Franklin Templeton Investments VCC (Variable Capital Company) with Minimum Investment of Only $20, Fund Mirrors $1.7 Billion Franklin U.S. Dollar Short-Term Money Market Fund Investing in Mainly USD-Denominated or USD-Hedged High Quality Short-Term Securities (Transferable Securities, Money Market Instruments of Government & Eligible Securities of Companies)
15th May 2025 – United States asset manager Franklin Templeton ($1.5 trillion AUM) has announced the launch of Franklin OnChain U.S. Dollar Short-Term Money Market Fund for retail investors in Singapore under Franklin Templeton Investments VCC (Variable Capital Company), with minimum investment of only $20. The fund mirrors the $1.7 billion Franklin U.S. Dollar Short-Term Money Market Fund investing in mainly USD-denominated or USD-hedged high quality short-term securities (transferable securities, money market instruments of government & eligible securities of companies). Announcement (15/5/25): “Franklin Templeton, one of the largest global investment managers in the world and a pioneer in digital assets technology, today announced that it has received regulatory approval from the Monetary Authority of Singapore (“MAS”) to launch the Franklin OnChain U.S. Dollar Short-Term Money Market Fund (the “Fund”) in Singapore. Structured as a sub-fund under Franklin Templeton’s first Variable Capital Company, known as Franklin Templeton Investments VCC (“VCC”), the Fund will be the first tokenized fund registered for retail investors in Singapore. Franklin Templeton incorporated the VCC in August 2024 and the Fund is approved as an authorized scheme by the MAS on May 13, 2025 … … As shares in the Fund will be issued using Franklin Templeton’s proprietary blockchain- integrated transfer agency platform, investors can benefit from greater transparency, security, accessibility and efficiency enabled by blockchain technology. Investors will be able to access the Fund with a minimum investment of US$20. The investment objectives of the Fund mirrors that of the Luxembourg registered, Franklin Templeton Investment Funds – Franklin U.S. Dollar Short-Term Money Market Fund, which has US$1.76 billion in assets under management1, and aims to offer investors exposure to a portfolio of high quality, short-term securities, consisting principally of transferable securities and money market instruments of governments and eligible securities of companies of any nation worldwide, primarily USD denominated, or hedged back into USD minimising any currency exposure. The Fund is managed by Templeton Asset Management Ltd, which in turn has appointed Franklin Advisers Inc as the sub-managers. Franklin Templeton through its Singapore entity, Templeton Asset Management Ltd, is an active industry partner of Project Guardian by the MAS, a collaborative initiative between policymakers and the financial industry that seeks to enhance liquidity and efficiency of financial markets through asset tokenization, while managing risks to financial stability and integrity.” In 2025 April, United States asset manager Franklin Templeton ($1.5 trillion AUM) & secondaries private equity specialist Lexington Partners ($76 billion AUM) have announced the launch of a new secondaries evergreen fund Franklin Lexington PE Secondaries Fund (FLEX-I), with investment goal to achieve long-term capital appreciation byinvesting in private equity investments via secondary transactions, co-investments in new private equity transactions alongside leading sponsors and investing in private assets including buyout, growth, venture, credit, mezzanine, infrastructure, energy & real assets. The new fund is available to professional investors in Hong Kong & Japan and accredited investors in Singapore. The new fund is a sub-fund of the Luxembourg-domiciled Franklin Lexington Private Markets Fund SICAV SA. In 2025 March, Franklin Templeton ($1.5 trillion AUM) announced to provide international clients with access to 2024-acquired active equity manager Putnam Investments ($121 billion AUM). In 2025 March, Franklin Templeton fixed income manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech had pleaded not guilty to multi-year fraud to allocate favourable trades to certain portfolio from 2021 to 2023. Western Asset Management appoints 4 Deputy CIOs Ryan Brist, Anthony Kirkham, Mark Lindbloom & Annabel Rudebeck, with all reporting to CIO Mike Buchanan. Earlier in 2025 February, Franklin Templeton is planning to cut 3% of 9,000+ global workforce. In 2025 January, Franklin Templeton launched a low volatility & yield seeking bond fund (Franklin Global Low Volatility Bond Fund) with Hang Seng Bank appointed as distributor in Hong Kong. Franklin Global Low Volatility Bond Fund invests at least 65% of NAV (Net Asset Value) in government-related investment grade debt securities, and is managed by Franklin Templeton fixed income team Chris Siniakov, Andrew Canobi & Joshua Rout. In 2024 November, the United States Securities & Exchange Commission (SEC) has charged Franklin Templeton fixed income manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech for multi-year fraud to allocate favourable trades to certain portfolio from 2021 to 2023. Earlier in 2024 November, Franklin Templeton reported $31.3 billion outflow & $389 million impairment charges (2024 Q3 earnings) to fixed income manager Western Asset Management with the Commodity Futures Trading Commission (CFTC) conducting an investigation into the derivatives trades. In 2024 August, Franklin Templeton fixed income manager Western Asset Management ($381 Billion AUM) had announced to close the $2 billion Macro Opportunities Strategy Fund, and placed Chief Investment Officer Ken Leech on leave of absence after civil charges were filed by the United States SEC (Securities & Exchange Commission). The investigations are on trade allocations involving treasury derivatives, and alleged placing winning trades to preferred clients accounts. Western Asset Management has appointed Michael Buchanan as Chief Investment Officer with immediate effect. In 2024 September, Franklin Templeton launched the flagship Franklin Income Fund new Class Q shares exclusive to OCBC clients in Singapore with subscription closing on 24th September 2024. The Class Q shares targets to distribute non-guaranteed monthly dividend payments at the discretion of the fund manager, and has 0% initial sales charge. Additional fees of up to 3% to apply if redeemed within 3 years, with the Class Q shares automatically converting to Class A shares after 3 years. The fund is available in USD & SGD. In 2024 July, Franklin Templeton & Japan SBI Holdings have signed a MoU (Memorandum of Understanding) to setup a joint venture in Japan, with the joint venture to combine Franklin Templeton investment products including ETFs (Exchange-traded funds) & experience in digital assets with SBI Holdings distribution & integrated financial services capabilities including securities, asset management, banking & insurance in Japan.
Tariq Ahmad, Head of APAC, Franklin Templeton: “We are proud and excited to bring this first-of-its-kind tokenized money market fund to retail investors in Singapore. The new fund marks a significant milestone in our commitment to harnessing the power of blockchain technology to lower the barriers to investing and deliver transformative products for investors in Asia-Pacific. We look forward to working with more industry partners to further advance asset tokenization and build a vibrant digital asset ecosystem in Singapore.”
Roger Bayston, EVP, Head of Digital Assets, Franklin Templeton: “We believe that blockchain technology is fundamentally reshaping the financial services industry by enabling the evolution of traditional financial products and processes, and the new fund demonstrates the potential for increased interoperability in the financial system. With rising investor interest in tokenized digital financial products, we are committed to leveraging our in- depth knowledge of digital asset ecosystems and disruptive technologies to bring more innovative solutions to the market.”
United States $1.5 Trillion Asset Manager Franklin Templeton & $76 Billion Secondaries Private Equity Specialist Lexington Partners Launch Secondaries Evergreen Fund Franklin Lexington PE Secondaries Fund (FLEX-I), Investment Goal is Long-Term Capital Appreciation Investing in Private Equity Investments via Secondary Transactions, Co-Investments in New Private Equity Transactions Alongside Leading Sponsors and Private Assets Including Buyout, Growth, Venture, Credit, Mezzanine, Infrastructure, Energy & Real Assets, Fund is Available to Professional Investors in Hong Kong & Japan and Accredited Investors in Singapore, New Fund is Sub-Fund of Luxembourg-Domiciled Franklin Lexington Private Markets Fund SICAV SA
30th April 2025 – United States asset manager Franklin Templeton ($1.5 trillion AUM) & secondaries private equity specialist Lexington Partners ($76 billion AUM) have announced the launch of a new secondaries evergreen fund Franklin Lexington PE Secondaries Fund (FLEX-I), with investment goal to achieve long-term capital appreciation by investing in private equity investments via secondary transactions, co-investments in new private equity transactions alongside leading sponsors and investing in private assets including buyout, growth, venture, credit, mezzanine, infrastructure, energy & real assets. The new fund is available to professional investors in Hong Kong & Japan and accredited investors in Singapore. The new fund is a sub-fund of the Luxembourg-domiciled Franklin Lexington Private Markets Fund SICAV SA. Announcement (30/4/25): “Franklin Templeton is delighted to announce the launch of the Franklin Lexington PE Secondaries Fund (FLEX-I), a sub-fund of the Luxembourg-domiciled Franklin Lexington Private Markets Fund SICAV SA range, which comes to market with over US $875 million in assets under management from a diversified investor base internationally across APAC, EMEA, Canada and Latin America. Co-managed by Franklin Templeton and Lexington, a pioneer in the development of institutional secondary markets, the new fund represents the firm’s first evergreen fund for the wealth channel internationally. It has been notified for distribution to professional investors in Hong Kong & Japan and for accredited investors in Singapore … … Designed for wealth channel clients seeking long-term growth opportunities, FLEX-I offers access to an asset class that until recently was primarily available to institutional investors. The Fund’s investment objective is to seek long-term capital appreciation by investing in a diversified portfolio of private equity investments acquired through secondary transactions and co-investments in new private equity transactions alongside leading sponsors. In addition, FLEX-I will have the flexibility to invest in Private Assets across asset types, including, but not limited to, buyout, growth, venture, credit, mezzanine, infrastructure, energy and other real assets. FLEX-I comes to market at a time when original investors in private funds and assets are seeking liquidity because of a slowdown in distributions from the asset class. The secondary PE market has grown significantly and is projected to exceed US $500 billion over the next five years. Investors in secondary funds seek private equity and alternatives exposure with the potential benefits of broad diversification, potential for earlier cash returns, reduced investment risk and mitigation of primary J-curve … … Lexington is one of the world’s largest and most successful managers of secondary private equity and co-investment funds. The firm helped pioneer the development of the institutional secondary market over 30 years ago and created one of the first independent, discretionary co-investment programs 27 years ago. Lexington’s 26 partners are among the most experienced and highly regarded in the secondary market today, averaging 18 years together at Lexington. Franklin Templeton’s Asia Wealth Management team is a dedicated group that supports the firm’s distribution partners across the wealth channel in Asia, spanning both its traditional as well as its expanding alternatives platform. The firm’s specialist investment managers, each with deep domain expertise, provide a diverse range of alternative asset capabilities including private equity secondaries and co-investment funds (Lexington), private credit (Benefit Street Partners and Alcentra), real estate (Clarion Partners), as well as hedged strategies, venture capital and digital assets. Franklin Templeton manages over US $252 billion in alternative assets as of 31 March 2025.” In 2025 March, Franklin Templeton ($1.5 trillion AUM) announced to provide international clients with access to 2024-acquired active equity manager Putnam Investments ($121 billion AUM). In 2025 March, Franklin Templeton fixed income manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech had pleaded not guilty to multi-year fraud to allocate favourable trades to certain portfolio from 2021 to 2023. Western Asset Management appoints 4 Deputy CIOs Ryan Brist, Anthony Kirkham, Mark Lindbloom & Annabel Rudebeck, with all reporting to CIO Mike Buchanan. Earlier in 2025 February, Franklin Templeton is planning to cut 3% of 9,000+ global workforce. In 2025 January, Franklin Templeton launched a low volatility & yield seeking bond fund (Franklin Global Low Volatility Bond Fund) with Hang Seng Bank appointed as distributor in Hong Kong. Franklin Global Low Volatility Bond Fund invests at least 65% of NAV (Net Asset Value) in government-related investment grade debt securities, and is managed by Franklin Templeton fixed income team Chris Siniakov, Andrew Canobi & Joshua Rout. In 2024 November, the United States Securities & Exchange Commission (SEC) has charged Franklin Templeton fixed income manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech for multi-year fraud to allocate favourable trades to certain portfolio from 2021 to 2023. Earlier in 2024 November, Franklin Templeton reported $31.3 billion outflow & $389 million impairment charges (2024 Q3 earnings) to fixed income manager Western Asset Management with the Commodity Futures Trading Commission (CFTC) conducting an investigation into the derivatives trades. In 2024 August, Franklin Templeton fixed income manager Western Asset Management ($381 Billion AUM) had announced to close the $2 billion Macro Opportunities Strategy Fund, and placed Chief Investment Officer Ken Leech on leave of absence after civil charges were filed by the United States SEC (Securities & Exchange Commission). The investigations are on trade allocations involving treasury derivatives, and alleged placing winning trades to preferred clients accounts. Western Asset Management has appointed Michael Buchanan as Chief Investment Officer with immediate effect. In 2024 September, Franklin Templeton launched the flagship Franklin Income Fund new Class Q shares exclusive to OCBC clients in Singapore with subscription closing on 24th September 2024. The Class Q shares targets to distribute non-guaranteed monthly dividend payments at the discretion of the fund manager, and has 0% initial sales charge. Additional fees of up to 3% to apply if redeemed within 3 years, with the Class Q shares automatically converting to Class A shares after 3 years. The fund is available in USD & SGD. In 2024 July, Franklin Templeton & Japan SBI Holdings have signed a MoU (Memorandum of Understanding) to setup a joint venture in Japan, with the joint venture to combine Franklin Templeton investment products including ETFs (Exchange-traded funds) & experience in digital assets with SBI Holdings distribution & integrated financial services capabilities including securities, asset management, banking & insurance in Japan.
Christian Bucaro, Head of Wealth for Asia at Franklin Templeton: “We are excited to partner with Lexington on this product which represents a key addition to our alternatives product range. The launch of FLEX-I represents a major milestone in broadening access to high-quality secondary private equity for Asian investors across the wealth channel and reinforces our commitment to becoming a leading player in the alternatives wealth channel. With over US$875 million in assets under management at inception – with a substantial portion coming from investors in Asia – the Fund’s initial momentum highlights the growing appetite in the region for global private market opportunities, particularly in the secondary market. It also reaffirms our conviction that investors in Asia are increasingly seeking diversified exposure to alternative investments via evergreen structures.”
Tim Huang, Partner at Lexington: “The secondary market continues to see robust, high-quality deal flow, yet remains meaningfully undercapitalized – presenting a compelling opportunity for investors, especially in Asia where demand for private market access is rapidly gaining momentum. FLEX-I is designed to complement our traditional drawdown funds, while offering a more flexible, evergreen structure tailored to investors seeking long-term, risk-adjusted returns. By combining our global private markets expertise with our strong presence in Asia, FLEX-I underscores our commitment to delivering impactful investment solutions to our clients.”
Franklin Templeton – Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and US$1.53 trillion in assets under management as of March 31, 2025.
Lexington Partners – Lexington Partners is one of the world’s largest and most successful managers of secondary private equity and co-investment funds. The firm helped pioneer the development of the institutional secondary market over 31 years ago and created one of the first independent, discretionary co-investment programs 27 years ago. Lexington has total capital in excess of US$76 billion and has acquired over 5,500 interests through more than 1,300 transactions. Lexington’s global team is strategically located in major centers for private equity and alternative asset investing across North America, Europe, Asia and Latin America. Lexington is the global secondary private equity and co-investments specialist investment manager of Franklin Templeton.
United States $1.5 Trillion Asset Manager Franklin Templeton to Provide International Clients Access to 2024-Acquired $121 Billion Active Equity Manager Putnam Investments
9th March 2025 – United States asset manager Franklin Templeton ($1.5 trillion AUM) is providing international clients with access to 2024-acquired active equity manager Putnam Investments ($121 billion AUM). In 2025 March, Franklin Templeton fixed income manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech had pleaded not guilty to multi-year fraud to allocate favourable trades to certain portfolio from 2021 to 2023. Western Asset Management appoints 4 Deputy CIOs Ryan Brist, Anthony Kirkham, Mark Lindbloom & Annabel Rudebeck, with all reporting to CIO Mike Buchanan. Earlier in 2025 February, Franklin Templeton is planning to cut 3% of 9,000+ global workforce. In 2025 January, Franklin Templeton launched a low volatility & yield seeking bond fund (Franklin Global Low Volatility Bond Fund) with Hang Seng Bank appointed as distributor in Hong Kong. Franklin Global Low Volatility Bond Fund invests at least 65% of NAV (Net Asset Value) in government-related investment grade debt securities, and is managed by Franklin Templeton fixed income team Chris Siniakov, Andrew Canobi & Joshua Rout. In 2024 November, the United States Securities & Exchange Commission (SEC) has charged Franklin Templeton fixed income manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech for multi-year fraud to allocate favourable trades to certain portfolio from 2021 to 2023. Earlier in 2024 November, Franklin Templeton reported $31.3 billion outflow & $389 million impairment charges (2024 Q3 earnings) to fixed income manager Western Asset Management with the Commodity Futures Trading Commission (CFTC) conducting an investigation into the derivatives trades. In 2024 August, Franklin Templeton fixed income manager Western Asset Management ($381 Billion AUM) had announced to close the $2 billion Macro Opportunities Strategy Fund, and placed Chief Investment Officer Ken Leech on leave of absence after civil charges were filed by the United States SEC (Securities & Exchange Commission). The investigations are on trade allocations involving treasury derivatives, and alleged placing winning trades to preferred clients accounts. Western Asset Management has appointed Michael Buchanan as Chief Investment Officer with immediate effect. In 2024 September, Franklin Templeton launched the flagship Franklin Income Fund new Class Q shares exclusive to OCBC clients in Singapore with subscription closing on 24th September 2024. The Class Q shares targets to distribute non-guaranteed monthly dividend payments at the discretion of the fund manager, and has 0% initial sales charge. Additional fees of up to 3% to apply if redeemed within 3 years, with the Class Q shares automatically converting to Class A shares after 3 years. The fund is available in USD & SGD. In 2024 July, Franklin Templeton & Japan SBI Holdings have signed a MoU (Memorandum of Understanding) to setup a joint venture in Japan, with the joint venture to combine Franklin Templeton investment products including ETFs (Exchange-traded funds) & experience in digital assets with SBI Holdings distribution & integrated financial services capabilities including securities, asset management, banking & insurance in Japan.
$1.5 Trillion Franklin Templeton Subsidiary Fixed Income Manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech Pleaded Not Guilty to Multi-Year Fraud to Allocate Favourable Trades to Certain Portfolio from 2021 to 2023 Western Asset Management Appoints 4 Deputy CIOs Ryan Brist, Anthony Kirkham, Mark Lindbloom & Annabel Rudebeck with All Reporting to CIO Mike Buchanan
1st March 2025 – Franklin Templeton ($1.5 trillion AUM) fixed income manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech had pleaded not guilty to multi-year fraud to allocate favourable trades to certain portfolio from 2021 to 2023. Western Asset Management appoints 4 Deputy CIOs Ryan Brist, Anthony Kirkham, Mark Lindbloom & Annabel Rudebeck, with all reporting to CIO Mike Buchanan. Earlier in 2025 February, Franklin Templeton is planning to cut 3% of 9,000+ global workforce. In 2024 November, the United States Securities & Exchange Commission (SEC) has charged Franklin Templeton fixed income manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech for multi-year fraud to allocate favourable trades to certain portfolio from 2021 to 2023. Earlier in 2024 November, Franklin Templeton reported $31.3 billion outflow & $389 million impairment charges (2024 Q3 earnings) to fixed income manager Western Asset Management with the Commodity Futures Trading Commission (CFTC) conducting an investigation into the derivatives trades. In 2024 August, Franklin Templeton fixed income manager Western Asset Management ($381 Billion AUM) had announced to close the $2 billion Macro Opportunities Strategy Fund, and placed Chief Investment Officer Ken Leech on leave of absence after civil charges were filed by the United States SEC (Securities & Exchange Commission). The investigations are on trade allocations involving treasury derivatives, and alleged placing winning trades to preferred clients accounts. Western Asset Management has appointed Michael Buchanan as Chief Investment Officer with immediate effect.
$1.5 Trillion Franklin Templeton to Cut 3% of 9,000+ Workforce, $389 Million Impairment Charges in 2024 November to Subsidiary Fixed Income Manager Western Asset Management, United States SEC Charges Franklin Templeton Fixed Income Manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech for Multi-Year Fraud to Allocate Favourable Trades to Certain Portfolio from 2021 to 2023
6th February 2025 – Franklin Templeton ($1.5 trillion AUM) is planning to cut 3% of 9,000+ global workforce. In 2024 November, the United States Securities & Exchange Commission (SEC) has charged Franklin Templeton fixed income manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech for multi-year fraud to allocate favourable trades to certain portfolio from 2021 to 2023. Earlier in 2024 November, Franklin Templeton reported $31.3 billion outflow & $389 million impairment charges (2024 Q3 earnings) to fixed income manager Western Asset Management with the Commodity Futures Trading Commission (CFTC) conducting an investigation into the derivatives trades. In 2024 August, Franklin Templeton fixed income manager Western Asset Management ($381 Billion AUM) had announced to close the $2 billion Macro Opportunities Strategy Fund, and placed Chief Investment Officer Ken Leech on leave of absence after civil charges were filed by the United States SEC (Securities & Exchange Commission). The investigations are on trade allocations involving treasury derivatives, and alleged placing winning trades to preferred clients accounts. Western Asset Management has appointed Michael Buchanan as Chief Investment Officer with immediate effect.
United States SEC Charges Franklin Templeton Fixed Income Manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech for Multi-Year Fraud to Allocate Favourable Trades to Certain Portfolio from 2021 to 2023
26th November 2024 – The United States Securities & Exchange Commission (SEC) has charged Franklin Templeton fixed income manager Western Asset Management ex-CIO Stephen Kenneth (“Ken”) Leech for multi-year fraud to allocate favourable trades to certain portfolio from 2021 to 2023. United States SEC (25/11/24): “The Securities and Exchange Commission today announced fraud charges against Stephen Kenneth (“Ken”) Leech, the former co-chief investment officer (CIO) of registered investment adviser Western Asset Management Company LLC or WAMCO, for engaging in a multi-year scheme to allocate favorable trades to certain portfolios, while allocating unfavorable trades to other portfolios, a practice known as cherry-picking. The SEC’s complaint alleges that from at least January 2021 through October 2023, Leech placed trades with brokers and then routinely waited until later in the trading day to allocate the trades among clients in the portfolios he managed. According to the complaint, Leech’s delay between placing and allocating trades gave him the opportunity to observe price movements, and then disproportionally allocate trades at a first-day gain to favored portfolios and trades at a first-day loss to disfavored portfolios. As alleged, Leech allocated hundreds of millions of dollars of net first-day gains to favored portfolios, which also benefited Leech personally, and a similar amount of net first-day losses to disfavored portfolios. The SEC’s complaint, filed in the United States District Court for the Southern District of New York, charges Leech with violating antifraud and other provisions of the federal securities laws, and seeks permanent and conduct-based injunctions, an officer-and-director bar, disgorgement, prejudgment interest, civil penalties, and other relief.” Earlier in 2024 November, Franklin Templeton ($1.6 trillion AUM) has reported $31.3 billion outflow & $389 million impairment charges (2024 Q3 earnings) to fixed income manager Western Asset Management with the Commodity Futures Trading Commission (CFTC) conducting an investigation into the derivatives trades. In 2024 August, Franklin Templeton fixed income manager Western Asset Management ($381 Billion AUM) had announced to close the $2 billion Macro Opportunities Strategy Fund, and placed Chief Investment Officer Ken Leech on leave of absence after civil charges were filed by the United States SEC (Securities & Exchange Commission). The investigations are on trade allocations involving treasury derivatives, and alleged placing winning trades to preferred clients accounts. Western Asset Management has appointed Michael Buchanan as Chief Investment Officer with immediate effect.
$1.6 Trillion Franklin Templeton Reports $31.3 Billion Outflow & $389 Million Impairment Charges to Fixed Income Manager Western Asset Management with Commodity Futures Trading Commission Conducting Investigation into Derivatives Trades, Had Placed Chief Investment Officer Ken Leech on Leave of Absence in 2024 August After Civil Charges Filed by United States SEC, Investigations on Trade Allocations Involving Treasury Derivatives & Alleged Placing Winning Trades To Preferred Clients Accounts
9th November 2024 – Franklin Templeton ($1.6 trillion AUM) has reported $31.3 billion outflow & $389 million impairment charges (2024 Q3 earnings) to fixed income manager Western Asset Management with the Commodity Futures Trading Commission (CFTC) conducting an investigation into the derivatives trades. In 2024 August, Franklin Templeton fixed income manager Western Asset Management ($381 Billion AUM) had announced to close the $2 billion Macro Opportunities Strategy Fund, and placed Chief Investment Officer Ken Leech on leave of absence after civil charges were filed by the United States SEC (Securities & Exchange Commission). The investigations are on trade allocations involving treasury derivatives, and alleged placing winning trades to preferred clients accounts. Western Asset Management has appointed Michael Buchanan as Chief Investment Officer with immediate effect. Western Asset Management Company (21/8/24): “Western Asset Management Company (“Western Asset” or the “Company”), a global manager of active fixed-income solutions, announced today that it has appointed Michael Buchanan to Chief Investment Officer. Mr. Buchanan had served as co-Chief Investment Officer with Ken Leech, who is on a leave of absence, effective immediately. In line with the Company’s succession plan, Mr. Buchanan has been elevated to Chief Investment Officer. Along with his responsibilities as Chief Investment Officer, Mr. Buchanan has assumed leadership of all global investment management responsibilities. With nearly two decades at the Company and over three decades of industry expertise, Mr. Buchanan has helped lead the Company’s Global and US Strategy Committees and has had direct oversight of the Company’s global investment teams, including global macro and all sector teams. Prior to Western Asset, Mr. Buchanan served as Managing Director and Head of US Credit Products at Credit Suisse Asset Management and as Executive Vice President and Portfolio Manager at Janus Capital Management. As disclosed in the 10-Q filed by Franklin Resources in July, the Company launched an internal investigation into certain past trade allocations involving treasury derivatives in select Western Asset-managed accounts. The Company is also cooperating with parallel government investigations. Mr. Leech recently received a Wells Notice from the Staff of the U.S. Securities and Exchange Commission, and is on a leave of absence to focus on this matter.”
$1.6 Trillion Franklin Templeton Fixed Income Manager Western Asset Management to Close $2 Billion Macro Opportunities Strategy Fund, Placed Chief Investment Officer Ken Leech on Leave of Absence After Civil Charges Filed by United States SEC, Investigations on Trade Allocations Involving Treasury Derivatives & Alleged Placing Winning Trades To Preferred Clients Accounts, Western Asset Management Appoints Michael Buchanan as Chief Investment Officer With Immediate Effect
22nd August 2024 – Franklin Templeton ($1.6 trillion AUM) fixed income manager Western Asset Management ($381 Billion AUM) has announced to close the $2 billion Macro Opportunities Strategy Fund, and placed Chief Investment Officer Ken Leech on leave of absence after civil charges were filed by the United States SEC (Securities & Exchange Commission). The investigations are on trade allocations involving treasury derivatives, and alleged placing winning trades to preferred clients accounts. Western Asset Management has appointed Michael Buchanan as Chief Investment Officer with immediate effect. Western Asset Management Company (21/8/24): “Western Asset Management Company (“Western Asset” or the “Company”), a global manager of active fixed-income solutions, announced today that it has appointed Michael Buchanan to Chief Investment Officer. Mr. Buchanan had served as co-Chief Investment Officer with Ken Leech, who is on a leave of absence, effective immediately. In line with the Company’s succession plan, Mr. Buchanan has been elevated to Chief Investment Officer. Along with his responsibilities as Chief Investment Officer, Mr. Buchanan has assumed leadership of all global investment management responsibilities. With nearly two decades at the Company and over three decades of industry expertise, Mr. Buchanan has helped lead the Company’s Global and US Strategy Committees and has had direct oversight of the Company’s global investment teams, including global macro and all sector teams. Prior to Western Asset, Mr. Buchanan served as Managing Director and Head of US Credit Products at Credit Suisse Asset Management and as Executive Vice President and Portfolio Manager at Janus Capital Management. As disclosed in the 10-Q filed by Franklin Resources in July, the Company launched an internal investigation into certain past trade allocations involving treasury derivatives in select Western Asset-managed accounts. The Company is also cooperating with parallel government investigations. Mr. Leech recently received a Wells Notice from the Staff of the U.S. Securities and Exchange Commission, and is on a leave of absence to focus on this matter.”
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