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.

When contacted by The Times, a Vanguard spokesman said he was not aware of the investigation into Wellington, which also manages some ING and Hartford Financial Services funds.

Founded in 1928, Wellington has counted Vanguard as a compatriot since the 1950s. In fact, Vanguard founder John C. Bogle’s investment management career began in 1951 with Wellington. Although Vanguard took over the Wellington fund in 1975, it allowedWellington to remain on as the adviser.

Other companies associated with Vanguard, including Alliance Capital, have been named in the scandal, but Vanguard itself has yet to be investigated by the SEC.

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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.

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