In light of New York Attorney General Eliot Spitzer’s probe into illegal mutual fund trading practices, Securities and Exchange Commission Chairman William Donaldson told the Senate Banking Committee on Tuesday the SEC will be looking very closely at how funds do business, Reuters reports.

"We are examining the mutual fund industry and its impact on investors, looking at everything from how fund companies do business to the fees they charge and the information they disclose to their customers," Donaldson said.

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.