Franklin Templeton fund manager lost $1.8 billion in one day on Argentina bets: Financial Times

A star fund manager at Franklin Templeton lost $1.8 billion on Monday due to the market slide in Argentina, according to the Financial Times.

Michael Hasenstab, a fixed-income fund manager, had several large positions in the Argentina bond market. The financial markets in the country plunged after a surprise result in primary elections. President Mauricio Macri, the center-right incumbent, lost by a larger than expected margin, raising concerns about populist leaders gaining control of the country.

Argentina’s stock market lost more than 30% on Monday, and the Argentine peso also fell significantly.

Several funds run by Hasenstab had large positions in Argentine bonds, creating a cumulative loss of nearly $1.8 billion for the day, according to Financial Times calculations.

Franklin Templeton reported that it had roughly $715 billion in assets under management as of June 30. The company declined to comment.

Read the full story here.

Products You May Like

Articles You May Like

UK will allow Huawei to supply 5G — with ‘tight restrictions’
How Phuket transformed itself from party town to dining powerhouse
5 ways to keep from making these top common money mistakes
Why small businesses are banking on better benefits
Harry and Meghan: How much privacy can they expect in Canada?

Leave a Reply

Your email address will not be published. Required fields are marked *