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SEC Targets Asset Management Risk 

December 12, 2014
Dunstan Prial, FOX Business

Securities and Exchange Commission Chair Mary Jo White on Thursday unveiled a sweeping new program for reducing “undue” risk in the $63 trillion asset management business.

In a speech in New York, White noted that the asset management industry is now comprised of some 11,000 investment advisors and more than 10,000 mutual funds registered with the SEC.

In 2013, 57 million households, or 46% of all U.S. households, owned mutual funds, according to the SEC.

The industry, White said, has grown “exponentially” from $4 billion in assets and 51 firms identified by Congress in 1940 when the SEC was given oversight of the business. Assets under management for most of the largest firms have doubled since 2004, she added.

“Over the years, our regulatory program for asset management has grown and adapted, guided by our mission, to address ever-evolving markets and the challenges that evolution presents.  

Read more: FOX Business

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