WAMCO - Ken Leech

WAMCO has been pretty well gutted, IMO, over the past two years - virtually cut in half from $381 in 2024 until now, call it $240b nowadays give or take. Franklin wrote off a few hundred million already - maybe more - admittedly I've not followed it as closely as I should have. They've functionally integrated it w/ leadership, middle office, etc. I think there were some layoffs already - surely more if they continue down the integration route. 

I'd be shocked if they didn't ditch the brand by the end of the year, and integrate it wholesale into the rest of the Franklin ecosystem. They have a ton of overlap already and without the cachet of Western in the institutional space - you simply don't, in my view, need competing businesses within the same firm. If Franklin is serious about their OCIO push - and I think they are - they could realistically create a compelling manager with a full set of integrated solutions for investors, including the ability to internally manage assets via legacy Western teams + their other boutique managers they have access to directly. Under the Franklin masthead, with the right branding and positioning push, that could be a competitor. They could in theory re-brand and re-launch it as it sits, but I personally think there's a better opportunity for them than that route. 

Probably opportunities for more lift outs as well, if they truly are going to integrate/consolidate - maybe a boon for smaller, or midsized managers, looking to add talent or expand capabilities.