Word: nester
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...policy is to neither confirm nor deny inquiries about ongoing investigations, according to SEC spokesperson John Nester...
...reportedly investigating directed brokerage at Capital Research. Directed brokerage occurs when a mutual fund pays a brokerage firm—which completes stock and bond trades for the mutual fund—extra money so that the brokerage firm increases advertising efforts for the mutual fund, Nester said...
...brokerage might say to the fund, ‘If you transact those shares with our company, we might put extra muscle into advertising your fund,’” Nester said...
...Nester said directed brokerage is intended to increase the mutual fund firm’s profit by attracting new customers—at investors’ expense...
Directed brokerage is legal if the customer is aware that it is taking place and understands and consents to the process, said Nester. The process becomes illegal if the customer is unaware of how the fund money is being spent...