U.S. Bancorp Asset Management said that it is cooperating with the Securities and Exchange Commission on an informal inquiry into trading activity in the First American Small Cap Growth Opportunities fund, according to a filing with the regulatory agency.

U.S. Bancorp advises the fund and said that a review of the trading in the fund revealed no legal violations by the firm’s employees, Reuters reports. The evaluation was conducted by an outside law firm hired by U.S. Bancorp.

The filing did not provide details as to the trading activity in question and the firm did not return phone calls seeking comment.

Additionally, both the SEC and NASD are looking into activity at spun-off brokerage unit, Piper Jaffray.

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