Manulife Financial has received a subpoena from New York State Attorney General Eliot Spitzer, Dow Jones reports, citing the Canadian Press.
The Toronto-based insurer has also been contacted by the U.S. Securities and Exchange Commission, the National Association of Securities Dealers and the Ontario Securities Commission, Canadian Press said.
As well, John Hancock Financial Services, which Manulife recently agreed to buy for $15-billion, has also been contacted by regulators.
"It is believed that these inquiries are similar to those made to many financial service companies as part of an industrywide investigation by various regulatory agencies into practices, policies and procedures relating to trading in mutual fund shares," the two companies said in regulatory filings.
Dow Jones was unable to contact neither Manulife nor John Hancock officials by press time. couldn't be reached Tuesday night.