FMI Funds Caught in SEC Crosshairs

October 19, 2004, 1:00 a.m. EDT 1 Min Read

The Securities and Exchange Commission is investigating FMI Mutual Funds for possible improper trading practices, the company indicated Friday in a regulatory filing.

Processing Content

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.

MORE FROM FINANCIAL PLANNING

FACO

Nearly 3 in 4 advisors say their firms invest in career development

Nearly two-thirds of advisors surveyed this month said that internal training programs or workshops were offered by their firms.

By Rob Burgess

10h ago
Industry News

Huntington Bank gives Ameriprise institutional unit $28B boost

The 260 advisors in Huntington's wealth unit will now turn to Ameriprise for brokerage, advisory and insurance services previously provided internally.

By Dan Shaw

February 6
Practice and client management

As ultrarich sweat, advisors tackle 'ripple effects' of proposed billionaire tax

Even though advisors doubt it will pass, California's proposed billionaire tax is already reigniting residency and wealth planning conversations.

By Elijah Nicholson-Messmer

February 6
Know Your Niche

How a fat thumb and pizza led to a first responder niche

Financial advisor Drew Boyer turned an accidental acceptance from a fire chief into a successful niche serving firefighters and police officers.

By Brian Wallheimer

February 5
Practice and client management

As private equity reshapes RIAs, advisors look for alternatives

Private equity-backed M&A activity has steadily risen. Owners may do great in a sale, but what about advisors lower in the organization?

By Rob Burgess

February 5
Industry News

An Osaic, Cetera sale rumor was hot. Should recruiters have spread it?

With unfounded rumors spreading that Osaic was about to buy its rival Cetera, a Texas-based headhunting firm started calling advisors to see if they wanted to move. Other industry recruiters say that crossed an ethical line.

By Dan Shaw

February 5