UPDATE 1-McKinsey affiliate agrees to pay $18 mln to U.S. regulator over compliance failures

By Reuters

The U.S. Securities and Exchange Commission (SEC) on Friday said an affiliate of consulting firm McKinsey & Co has agreed to pay $18 million for compliance failures in handling nonpublic information. McKinsey's affiliate MIO Partners, which handles investments for current and former McKinsey employees, maintained inadequate policies and procedures to prevent partners from misusing material nonpublic information they obtained as consultants to public companies and other clients while they were simultaneously overseeing the MIO's investment decisions, the SEC said in a statement. MIO was investing hundreds of millions of dollars in companies that McKinsey was advising.

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Via:: Sports Headlines


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