The SEC filed a Wells notice against State Street for the firm’s alleged solicitation of asset-servicing business for public retirement plans, Pensions & Investments reports.
The SEC is investigating State Street’s relationships with consultants and lobbyists, as well as political contributions by a State Street consultant during and after a public bid. On the radar are relationships with specific clients in two states before 2011. Writes P&I:
“Since 2012, we’ve eliminated hiring lobbyists and consultants for our asset servicing dealings with U.S. public retirement plans in support of our sales efforts,” said State Street spokeswoman Anne McNally.
The Wells notice allows State Street time to respond to the SEC before a civil enforcement action is taken. State Street will be submitting a response, McNally says.
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