Business Services Industry
SEC expands investigation into mutual fund industry.(News)(Securities and Exchange Commission)(Brief Article)
Business Insurance, July, 2004 by Souter, Gavin
Byline: GAVIN SOUTER WASHINGTON-The U.S. Securities and Exchange Commission has broadened its investigation into the mutual fund industry by examining payments made by funds to 401(k) plan consultants and others. Several mutual fund companies, including T. Rowe Price Associates Inc. in Baltimore, Fidelity Investments in Boston and Putnam Investments, also in Boston, confirmed that they have received the SEC questionnaire regarding the payments.
According to a statement by Lori Richards, director of the SEC Office of Compliance Inspections and Examinations in Washington, the regulator is seeking information on the nature of payments made by mutual funds to 401(k) plans and whether they might be related to the positioning of the funds within the plans....
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