The mutual fund arm of Sun Life Financial Inc. is being investigated by New York Attorney General Eliot Spitzer’s office, raising the number of regulators looking into the firm’s activity to three.

The Globe and Mail reports that because of possible market timing, the unit, Massachusetts Financial Services Co., is under probe from Spitzer’s office and the Securities and Exchange Commission. The Massachusetts Securities Division is also investigating MFS for market timing, but is probing even further. It is seeking whether company officials disguised their identities to help the trades go through.

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