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Friday, October 19, 2007|
SEC's Donahue Is Concerned Over Back-Office Trends
Andrew Donahue, director of the SEC's investment management division, is concerned over the way mutual funds handle back-office functions against the backdrop of an increasingly complex financial market, Reuters reports. Outsourcing of back-office functions makes coordination more difficult and that could lead to delays in paperwork and settlement, Donahue said, according to the report. The SEC official likewise expressed concern over whether back-office staffing was keeping up with the trend toward trading in more complex securities.
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