Tripping over Federal securities regulations can bring a mutual fund advisor to its knees. But running afoul of state securities divisions can also be painful.

American Century Investments of Kansas City, Mo., recently found itself mired in the regulatory web of the California Secretary of State. Five of its mutual funds, all registered as a series of quantitative equity portfolios, are domiciled in the state of California, and, accordingly, each has its articles of incorporation registered under California securities laws.

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.