More details surfaced last week of the Securities and Exchange Commission’s probe into Wachovia subsidiary Evergreen Investments. Evergreen revealed the name of two of its funds that are being probed and said the ex-manager of one of those funds is also being investigated, Reuters reports.

Precious Metals and one of its former managers – an unnamed individual – as well as the Mid Cap Growth Fund, have each admitted to setting up market-timing arrangements for brokers. Reuters reports that the Precious Metals manager may be the high-profile Prescott Crocker, who retired in early 2004. It cited Morningstar as the outlet that "suggested" that possibility.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.