Country club memberships. Golf trips to Palm Springs. Weekend jaunts to Las Vegas aboard a private jet. Tickets to the World Series.

Fund companies may have rules against portfolio managers or other executives accepting such lavish perks from business partners, but industry insiders say they happen all the time.

So reports the Boston Globe, in the wake of the recent investigation into a Jefferies broker lavishing gifts on Fidelity Investments traders. Fidelity’s rules, in fact, say that no one at the firm may accept a gift or compensation that is intended to "influence a fund’s investment decisions or trading activity." If a Fidelity executive does accept a gift that they deem to be genuinely business related or reasonable, it may not be valued at more than $100 from any one person or outside entity per calendar year. NASD also has a rule that brokers may not offer gifts with a value of more than $100. The Globe article goes on to outline rules at Scudder Funds, Eaton Vance, Bank of America and Putnam Investments .

These rules are all well and good, but executives in the money management business who have the power to direct thousands or millions of dollars often get swept up in a bountiful lifestyle their outside business contacts can offer them.

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.