Spitzer fallout set to hit UK
Although the US mutual-funds scandal hit the headlines in the US more than 12 months ago, its impact on the UK insurance market is only now beginning to be felt
Mutual funds are collective investment schemes specifically designed to give US private investors access to a wide range of other stocks and shares. Over 95 million Americans have approximately $7trn (£3.7trn) invested in mutual funds.
The US mutual-funds investigation has been led by New York State Attorney General, Eliot Spitzer. The allegations are that mutual funds and brokers have engaged in 'market timing' and 'late trading'. Trading in mutual funds should finish at 4pm Eastern Standard
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