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Rating:The SEC Rejuvenates Its Investigation Into JPMAM's Email Routing List Email & Route  Print Print
Wednesday, April 1, 2015

The SEC Rejuvenates Its Investigation Into JPMAM's "Guided Architecture"

News summary by MFWire's editors

The SEC's two-year investigation into J.P. Morgan Asset Management's [profile] "guided architecture" practices appears to be getting kicked up a notch.

Neil Weinberg of Bloomberg reports that the regulatory agency has deposed JPMAM executives, including executive director and multi-asset PM Silvia Trillo, and subpoenaed "thousands of pages of internal documents". Bloomberg notes that "there is no indication that Trillo has been involved in or accused of wrongdoing." And the publication describes the SEC's investigation as looking into J.P. Morgan "managed pensions and other accounts that hold it to a so-called fiduciary standard."

Trillo herself, and spokespeople for J.P. Morgan and the SEC, all declined to comment to Bloomberg.

Unnamed sources told Bloomberg that investigation "has become more active in recent months" and also involves the Office of the Comptroller of the Currency (OCC), which regulates banks.

Scrutiny of JPMAM's sales practices is not new. News of the current probe broke in summer 2014. In summer 2012, the New York Times highlighted ex-J.P. Morgan bank branch FAs who called foul on what they describe as the bank favoring JPMAM mutual funds, claims that later led to Finra abitration. In summer 2013, American Banker reported on an OCC warning to JPMAM regarding mutual funds and the retirement business. MFWire even previously wondered if the scrutiny might factor in to a possible decision to sell JPMAM. 

Edited by: Neil Anderson, Managing Editor

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