Why Western Asset is key to Franklin’s Asia ambitions
But while Morningstar sees the bond house as the "strength" of Franklin Templeton's takeover of Legg Mason, the merged firm may be vulnerable to competition from index fund managers.
Franklin Templeton Investments (FTI) is hoping its newly unveiled acquisition of rival US fund house Legg Mason helps it to rebound after heavy client redemptions in recent years – and some see bond house Western Asset Management as key to its future in Asia as well as globally.
FTI’s assets under management have slumped to $698 billion from $880 billion in March 2015, a plunge partly down to the firm’s strong focus on emerging markets. Meanwhile, Legg Mason had $806 billion ($12…
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