State Street On The Hot Seat, Receives Wells Notice

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...