Asset management company Wellington Management is being investigated by the Securities and Exchange Commission, the New York Times reported on Wednesday.

"We were informed by the SEC that it had initiated an investigation relating to our trading practices and procedures," Wellington spokeswoman Lisa Finkel told the Times. "We do not believe it has to do with market timing and late trading."

Finkel declined to provide further information, the Times said.

Regulators have accused twenty-odd asset management firms, including some of the biggest names in the industry, of fiduciary negligence and in some cases of granting certain clients special privileges that allowed them to speculate in funds in exchange for hefty fees.

Wellington manages $416 billion for institutional clients and mutual fund sponsors in 40 countries.

A Wellington representative was not immediately available to comment to Reuters.

(NY Times)