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Boeing delivers C-17 to RAF
NEW YORK, Nov. 26 (UPI) -- Federal prosecutors are investigating Citigroup Asset Management as part of their investigation of the mutual fund industry.
Citigroup said Tuesday that the investigation focuses on its transfer agent business, a back-office function that involves keeping records for mutual funds.
As a result of a review of documents requested by the Securities and Exchange Commission, Citigroup said it uncovered evidence of a $16 million payment it received in a "revenue guarantee agreement" with an unidentified subcontractor, the London Financial Times reported. The agreement had not been reported to the company's board.
Citigroup said in a statement the $16 million would be repayed, with interest, to its mutual fund clients.
"These errors never should have occurred and we deeply regret that they did," Tom Jones, head of Citigroup Asset Management, said in a memo to senior managers.
Jones said he would work with the fund boards to "consider whether any additional steps may be warranted" and pledged to cooperate with all governmental authorities, the Times said.
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