High-profile bond manager Ken Leech charged with $600M fraud

Federal prosecutors charged Ken Leech, one of the world's best-known bond fund managers, with a $600 million fraud on Monday. Why it matters: Leech, the former co-chief investment officer of Western Asset Management Co. (WAMCO), was long known as "the other bond king" (besides Bill Gross) for his influence over the fixed-income market. • WAMCO at one time managed more than $300 billion in assets for clients, and Leech directed the firm's investment strategies. Catch up quick: Manhattan federal prosecutors allege Leech defrauded Western Asset's clients from 2021 to late...