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 & Australia and Accredited Investors in Singapore, New Fund is Sub-Fund of Luxembourg-Domiciled Franklin Lexington Private Markets Fund SICAV SA
30th April 2025 | Hong Kong
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 & Australia 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, Australia 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.
” 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 & Australia and Accredited Investors in Singapore, New Fund is Sub-Fund of Luxembourg-Domiciled Franklin Lexington Private Markets Fund SICAV SA “
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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