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Monday May 16, 12:10
SEC’s probes into retirement-fund consulting failed to reach their goals
(by Helen Snow)

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SEC’s probes into retirement-fund consulting failed to reach their goals A government examination of retirement-fund consulting is said to have failed to clear out illegal actions between consulting firms and the money managers they recommend to clients.

Today, the Securities and Exchange Commission is expected to finally release its months-long study.

In the framework of probes started in December 2003 by the SEC’s office of compliance examinations and inspections, SEC experts aimed to find out misleading actions from consultants who persuade their clients to turn to certain asset managers.

The probe will concern different ways of such a fraud like special conferences that many consulting firms have sponsored in the past for their pension-fund clients. The agency must disclose the way of compensation provided by money managers while it is not illegal for consultants to take money from money managers for certain services.

The SEC also failed to mention names of those consulting firms conducting financial collusion with money managers.
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