RS Investments, an employee-owned investment management firm in San Francisco that runs $7.2 billion in a family of 10 mutual funds, indicated in a filing that it has been contacted by New York and federal regulators in the matter of market timing in the RS Emerging Growth Fund.

In an SEC filing, the company said it expects regulators to bring enforcement actions against both the company and some of its officers and employees, Reuters reports. Nonetheless, RS Investments hopes to "reach a satisfactory resolution," according to the filing.

Jim Callinan is the portfolio manager of RS Emerging Growth Fund.

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