State Street On The Hot Seat, Receives Wells Notice

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Mark Melin
Published on
Updated on

State Street Corp. received some bad news from the U.S. Securities and Exchange Commission, receiving a Wells notice regarding its solicitation of business in the public pension plan domain. State Street: Wells notice investigation said to center on use of lobbyists The SEC is investigating how State Street used lobbyists and consultants to influence the decision making process, a growing focus of SEC enforcement actions.  Federal rules prohibit an asset manager from contributing to a political campaign where the official has authority over pension assets the firm manages. “Since 2012, we’ve eliminated the hiring of lobbyists and consultants for our…

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Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.