Wellington Management Co. LLP issued a statement Friday saying it had been told it isn't a target in the current insider trading probe, despite having received a subpoena last week as part of the investigation.
"The government has confirmed that we are not a target of their insider trading investigation," said Sara Sherman, a spokeswoman, adding that the firm has not been accused of any wrongdoing.
Janus Capital Group Inc., which had also received a subpoena as part of the probe, issued a similar statement yesterday. “Janus has not been accused of any wrongdoing, and the government confirmed that Janus is not a target of its investigation into potential insider trading,” spokeswoman Shelley Peterson wrote in an e-mail.
Investigators are conducting criminal and civil probes into possible insider trading at a number of companies. Specifically, investigators are trying to determine if traders at various financial services firms received non-public information from expert networks and third-party research firms.
Wellington and Janus have both been clients of Broadband Research, one of the firms being investigated as part of the probe.
Wellington's announcement comes as good news to fund managers, particularly The Vanguard Group Inc., which uses Wellington to subadvise 19 funds and $175 billion in assets.
Wellington had $598 billion in assets under management as of Sept. 30, according to its web site.