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But Mr. Spitzer's inquiry has since broadened to encompass the obscure world of mutual fund intermediaries -- the 401(k) plan administrators, brokers, financial advisers, trust companies, banks and various consulting companies -- that link the fund industry to its ultimate customers.
While not a household name to most investors, Security Trust plays an important role in the world of mutual fund intermediaries that connect the fund industry to its ultimate customers, enabling even small 401(k) plans to offer a range of investment options from several fund managers.
And they can do it directly, company by company, not via some blind pool venture fund or through "fund of fund" intermediaries.
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But unlike the £5bn, this money will have to be paid back, and it lends at commercial rates, making a profit, doubly protected by lending to funding intermediaries, not directly to anyone.
Big Society Capital aims to plug the gap, not by investing in social enterprises directly but by funding intermediaries that will.Nick O'Donohoe, the institution's boss, gives the example of BSC leading a team of investors to capitalise a "payment-by-results" fund designed to invest in social impact bonds.
The Wealth Management segment covers full-service retail brokerage, direct brokerage, mutual funds, intermediary services, trust services, and third-party financial services.
His fund enlisted intermediaries with links to the cream of Europe's high society and jet set to garner clients.
But in recent years a framework of investors, fund managers, intermediaries, investment targets and ratings agents has begun to take shape to address this critical limiting factor for the social sector: a viable flow of capital.
Typically, the funds employ intermediaries to contact homeowners and arrange for mortgages to be refinanced.
Even long-term shareholders do not 'own' the company in the sense that the owner of a house or a car does; and the distance is increased by the growth of pension and other funds as intermediaries.
Housing experts warn that the financial players involved — the investment funds, their intermediaries and certain F.H.A. approved lenders — have a financial incentive to put as many loans as possible into the government's hands.
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