The
The probe is a result of the $21.4 million settlement the SEC reached with
So far, the SEC has sent letters to a number of the 27 companies asking them about their relationship with BISYS, sources told The Journal. The SEC also believes other vendors paid kickbacks to fund companies.
Because most of the largest fund companies handle fund administration in-house, some of the best-known names in the fund industry aren’t likely to be implicated.
If the allegations prove to be true, said Mercer Bullard, founder of shareholder activist company Fund
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.