A division of Fiserv Inc. is being investigated for possible improper mutual fund trading practices, the company’s chief executive said Thursday, the Associated Press reports.

The Brookfield, Wis.-based firm, which provides transaction processing and other back-office services for financial services firms has fired or reassigned roughly a dozen employees following an inquiry from the Securities and Exchange Commission an its own internal review, CEO Leslie Muma told analysts on a conference call.

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.