Advisory industry, clients spooked by subpoena of Wellington
Obervers say the advisory industry is spooked by the probes of Diamondback Capital and Level Global Investors. But the bigger concern may be the subpoena of Wellington Management, which is a subadviser to marquee firms like Vanguard, The Hartford, and John Hancock.
The Vanguard Group Inc. is trying to allay investor concerns about the news that one of its subadvisers, Wellington Management Inc., has been subpoenaed by federal authorities in connection with an insider-trading probe.
Meanwhile, The Hartford Financial Services Group Inc., and John Hancock Funds
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