... And Yet Another One
Several mutual fund subsidiaries owned by Allianz AG have
settled with the SEC over market timing. Once again, the case involved the Canary Partners hedge fund. The subsidiaries include the fund distributors, the investment advisor, and the sub-advisor for the stock funds. The PIMCO fixed income funds were not involved. Civil suits against two top managers are still pending.
I recall reading that a majority of mutual fund investments made in the US are through intermediaries, including insurance companies, financial planners, retirement plans, banks, and brokers. Please let me point out that not one fund sold directly to the investor has been implicated.
