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...Foremost among those products was the Templeton Global Bond fund, run by star fund manager Michael Hasenstab....
...Michael Mauboussin is one of the analysts whose research is pretty much always essential reading....
...Allow DD to take you back to about eight years ago, when the money manager’s star bond trader, Michael Hasenstab, was at his peak....
...His interim replacement Mary O’Connor also quit after being passed over as Michael’s permanent replacement....
...Redemption pressure has continued after it acquired Legg Mason last year, which more than doubled its assets under management to $1.4tn and brought with it Legg Mason’s affiliate Western Asset Management...
...“The question is how do you survive and thrive when the ecosystem is evolving,” said Michael Cyprys, analyst at Morgan Stanley....
...“It’s in large part a product story,” said Chris Chancellor, senior director at Broadridge, noting that two flagship bond funds run by veteran fixed-income investor Michael Hasenstab continued to account...
...But environment secretary Michael Heseltine prevailed with an early version of what Prime Minister Boris Johnson now calls “levelling up”....
...One of Franklin Templeton’s best-known portfolio managers, Michael Hasenstab, was among those hardest hit by redemptions after his performance suffered because of a disastrous bet that bond prices would...
...Asset manager Legg Mason, another of Trian’s investments, was acquired by Franklin Templeton earlier in the year....
...In February Franklin Templeton acquired Legg Mason and last month Morgan Stanley agreed to buy Eaton Vance, two major deals in part aimed at getting the kind of economies of scale enjoyed by BlackRock and...
...Michael Carrier, an analyst at Bank of America in New York, believes more consolidation in the sector is needed as bigger companies are more able to cut costs and deal with complex regulatory challenges....
...One of the biggest bleeders has been the Templeton Global Bond Fund run by emerging markets guru Michael Hasenstab, which suffered $6.3bn in net redemptions last year, according to data provider Morningstar...
...Franklin Templeton on Tuesday chose to do the former when it announced that it would buy Legg Mason for $6.5bn, including debt....
...In more concentrated industries, the top dozen or so players typically command 75 per cent market share,” said Michael Cyprys, an analyst with Morgan Stanley in New York....
...US activist Nelson Peltz supported Franklin’s $6.5bn purchase of Legg Mason this week, for example....
...Milken, and US asset manager Franklin Templeton has agreed to buy rival Legg Mason for $6.5bn including debt....
...You can email me on michael.mackenzie@ft.com and follow me on Twitter at @michaellachlan....
...The latest deals involved Franklin Templeton buying Legg Mason for $6.5bn in February; and Morgan Stanley paying $7bn for Eaton Vance to combine it with its own money management arm....
...He will be replaced by Michael Graham, head of the fund’s North American private equity programme....
...(FT) Franklin Resources in talks to buy Legg Mason Franklin Resources is nearing an all-cash offer for the asset manager Legg Mason....
...Michael Cyprys, an analyst with Morgan Stanley, said the Trian stake might improve the share price in the near term but he did not see a quick or easy fix to the challenges facing Legg Mason....
...FirstFT readers’ clear favourite was Michael Bloomberg....
...Michael Bloomberg’s advertising spending spree of almost half a billion dollars has earned him a spot in tonight’s televised Democratic debate....
...He had an hour-long conversation with Michael Mauboussin, formerly of Legg Mason Capital, Credit Suisse, and now Chief Investment Strategist at BlueMountain Capital....
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