Wellington and Janus Eyed in Possible Insider Trading Probes
byNov 23rd 2010 4:05PM
Wellington Management has received a document request from federal regulators looking into possible insider trading on the part of money managers with the firm, Bloomberg News reported, citing a person familiar with the process. Janus Capital Group (JNS) also received such a request.
Wellington executives, speaking on an internal conference call, said the company is reviewing records, and that it didn't conduct illegal trades, the wire service said, citing one person familiar with the process whom it didn't identify. A spokeswoman for Boston-based Wellington declined to comment to Bloomberg News.
Janus said in a Securities and Exchange Commission filing Tuesday that it also received a request related to an insider trading probe, and that it will cooperate with the investigation.
Wellington, which was founded in 1928, manages about $598 billion in assets, including mutual funds for investment firms such as Vanguard Group, according to Bloomberg.
Janus shares fell 2.7% to $10.66 in New York Stock Exchange in late afternoon trading Tuesday. Wellington is closely held.