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Whistleblowing Rules Don't Apply To Privately Held Funds

An administrative law judge with the Department of Labor has ruled that the whistleblower provisions of Section 806 of the Sarbanes-Oxley Act of 2002 don't apply to employees of privately held investment advisors.

A former research analyst with a mutual fund investment advisor filed a whistleblower complaint with the Labor Department after he was fired for unsatisfactory performance. The plaintiff alleged his termination was due to his whistleblowing activity, but his former employer argued that the rules don't apply to the plaintiff because he worked for a privately held investment advisor.

The court found that the whistleblower provisions do not apply to privately owned contractors or agents of publicly traded companies, unless they are acting under the direction of their boards.

Morgan Stanley Launches Commodities Alpha Fund

Morgan Stanley Investment Management has launched the Morgan Stanley Commodities Alpha Fund, an actively managed mutual fund that offers high-net-worth investors access to the commodities market, for diversification and an inflation hedge.

"The fund gives investors the potential to capture the returns of a global, diverse and growing market that has a low correlation with equity and bond market returns," said Justin Simpson, global head of the quantitative and structured solutions team and lead portfolio manager.

Other commodity-focused funds include the $13.9 billion PIMCO CommodityRealReturn Strategy Fund, the $1.26 billion BlackRock Global Resources Fund and the $13.78 billion Vanguard Energy Fund, according to Morningstar.

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