BlackRock and Blackstone are among the money managers involved in an industrywide investigation by the U.S. Securities and Exchange Commission regarding compliance with record retention requirements related to certain types of electronic communications, BlackRock said in its 10-K annual report that was filed Feb. 24.
BlackRock said in the report that the company is cooperating with the SEC's investigation.
A BlackRock spokesman said he could not provide more information about the about the SEC's investigation.
BlackRock managed $8.6 trillion as of Dec. 31.
Blackstone said in its annual 10-K also filed Feb. 24 that "in October of 2022 as part of a sweep of private equity and other investment advisory firms, the SEC sent us a request for information relating to the retention of certain types of electronic business communications, including text messages, that may be required to be preserved under certain SEC rules. We are cooperating with the SEC's inquiry."
Blackstone managed $974.7 billion as of Dec. 31.