Six money managers - Fidelity, MFS, John Hancock, Pioneer, Loomis Sayles and Scudder - have been subpoenaed by Massachusetts state regulators, said sources close to the investigation into mutual fund trading practices. Anne Crowley, Fidelity spokeswoman, confirmed the firm had received a subpoena as part of a broad investigation by State Secretary William F. Galvin's office. A published report said the subpoenas were part of a joint investigation by Massachusetts and New Hampshire regulators, but Ms. Crowley said Fidelity has received a request only from Massachusetts. In a statement, John Hancock said it had received a subpoena from Mr. Galvin "concerning some funds which are subadvised by independent third parties." In a separate statement, Scudder parent Deutsche Bank would only say that it was one of "at least 88 mutual fund complexes" that have received requests from regulators for information. A spokeswoman at Pioneer said her company doesn't comment on legal matters; spokesmen for Loomis Sayles, MFS and John Hancock were not available for comment by press time.
A spokesman for Mr. Galvin declined to comment.