The New York attorney generals office has broadened the scope of its investigation into illegal trading activities between mutual fund firms and hedge funds as it has subpoenaed the Vanguard Group, Invesco Funds and Millennium Management, The Wall Street Journal reports.
Although there is no indication of any wrongdoing at these three firms at this point, the subpoenas come amid a flurry of news, the centerpiece of which was Attorney General Eliot Spitzers announcement last week that several mutual fund firms have improper relationships with hedge funds at the expense of long-term investors. Spitzers office is investigating Bank of America Corps Nations Funds, Janus Capital Group, Strong Capital and Bank One Corp.
Millennium told the Journal it had received the subpoena, and that it had not taken part in the types of activities alleged in the Spitzer complaints. Vanguard confirmed it had received the subpoena and AIM Investments, an Invesco Funds group affiliate, said it had been contacted by New York officials, but neither would comment further.