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(Reuters) — The U.S. Securities and Exchange Commission is looking into Goldman Sachs Group Inc.’s asset management division over its funds that look to invest based on environmental, social and governance standards, the Wall Street Journal reported.
The investigation is focused on Goldman Sachs’ mutual funds division, the report said Friday, citing people familiar with the matter. The company manages at least four funds that have clean energy or ESG in their names.
Goldman Sachs did not immediately respond to a Reuters request for comment.
The SEC earlier this year proposed a pair of rule changes aimed at stamping out unfounded claims by funds regarding their ESG credentials and enforcing more standardization of such disclosures.