The Securities and Exchange Commission is investigating the "trading practices and procedures" of the respected money management firm Wellington Management, a company spokesperson told the New York Times.

"We do not believe it has to do with market timing and late trading," said spokeswoman Lisa Finkel. Wellington, the investment advisor for 250 mutual funds, advises on 13 funds from the No. 2 firm Vanguard, which has yet to get caught up in the industrywide probe of the past 8-1/2 months.

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