FMI disclosed that the Commission has opened an informal probe into a 2002 security trade by an FMI principals former employer. The principal was not identified, but the manager of the FMI-affiliated Cortina Funds, Cortina Asset Management LLC, is the sub-adviser in question.
FMI said it would look for injunctive relief against Cortina if improper trades are uncovered. In other words, Cortina Asset Management would try to stay on as advisor of the Cortina funds.
The former employer in question was also not identified.