Two Franklin Resources officers and one trader were placed on administrative lead as part of the companys ongoing look into possible market timing in its funds, Reuters reports.
A spokesman for the San Mateo, California based Franklin, the No. 4 mutual fund manager in the country, confirmed that one of the officers "has resigned from his position with the funds." The other officer placed on leave was from a Franklin subsidiary.
The names of the individuals and the names of the funds they traded in are being withheld at this time. So is any official confirmation of whether they broke rules or are simply being investigated. Among publicly traded mutual funds, Franklin is No. 1.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.