The Securities and Exchange Commission has begun an extensive investigation into alternative mutual funds, a controversial investment product offered to ordinary investors that has gained popularity recently, raising concern over their potential harm, people familiar with the matter told The Wall Street Journal.
The SEC said that its first phase of the investigation will focus on 15 to 20 groups of funds, the Associated Press reports. The regulator’s “national sweep exam” will probe not only big investment firms like BlackRock Inc., but also small ones that only recently started to offer alternative mutual funds, people told The Wall Street Journal.
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