Templeton’s bond chief Michael Hasenstab suffers biggest loss in Argentina sell-off

New York — The dramatic decline in Argentinian assets is wreaking havoc on some of the largest US money managers.

The biggest loser among emerging-market funds with more than $1bn was the $11.3bn Templeton Emerging Markets Bond Fund, run by bond chief Michael Hasenstab, which fell by 3.5%, according to data compiled by Bloomberg. That was its largest daily drop since the October 2008 global financial crisis. A spokeswoman at Franklin Templeton declined to comment.

Argentine assets extended their unprecedented slide on Tuesday amid investor concern that opposition candidate Alberto Fernandez would bring back the populist policies, including currency controls, that were commonplace under Cristina Kirchner, the vice-president on his ticket. The peso hit a record low on Monday, and the yield on the nation’s century bonds spiked to an all-time high of 14%.

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