Fund Probes Expand to Fidelity, Hancock

[Spazito]

BOSTON (Reuters) - Massachusetts has subpoenaed Fidelity Investments, the nation's largest mutual fund company, and John Hancock Funds to supply more information about their trading practices, as part of a probe of the mutual fund industry, the two companies said on Wednesday.


The Boston Globe on Wednesday reported that other Boston-based companies -- MFS Investment Management, Loomis Sayles & Co., Pioneer Investment Management Inc., and Scudder Investments -- were also subpoenaed.


"Fidelity did receive a request from Massachusetts seeking trading information from some fund managers," said Fidelity spokeswoman Anne Crowley.

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The new request is part of a broader investigation, spearheaded in Boston by Galvin, into improper trading practices in the $7 trillion mutual fund industry.

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