Mutual funds

The firm faces an additional penalty after it didn’t participate in the regulator’s self-reporting initiative.

Conversions are gaining popularity as billions of dollars exit mutual funds each year.

The largest groups of mutual funds and ETFs saw their assets swell to trillions under management as prices rose in the post-lockdown stock boom of 2020.

None of the leading 20 funds with a 50% to 70% equity allocation beat the gains of broader stock indexes over the past 10 years.

It'a the latest move of a U.S. asset managers expanding into the businesses of private equity and credit.

With $2.6 trillion in total assets, the firm is by far the biggest name yet that’s seeking to make such a move.

The $637 billion quant pioneer founded by David Booth has converted four equity mutual funds with $28.8 billion of assets into ETFs.

The case against Centaurus Financial comes after the industry and consumer advocates decried the previous administration’s approach for different reasons.

"The successful long-term players have the long-term tech driven trends right, and COVID just accelerated and magnified the trends," an expert says.

The long-term leaders carry fees more than twice the broader industry.