Major PE firms become latest targets in SEC communication probePosted On: Nov. 9, 2022 12:03 PM CST
(Reuters) — U.S. private equity giants KKR & Co. Inc., Apollo Global Management and Carlyle Group were added to a broad regulatory inquiry into how financial firms track employees’ digital communications, filings by the companies showed on Wednesday.
The scope of the investigation around how Wall Street handles work-related communications on personal devices and apps such as WhatsApp was expanded by the U.S. Securities and Exchange Commission to include investment funds and advisers, people familiar with the matter told Reuters in October.
The inquiry that initially involved some of the largest banks in the United States was first launched last year by the regulator.
The scrutiny highlights the challenges Wall Street institutions have faced in tracking staff communications in the work-from-home pandemic era, particularly over personal devices. Most have now adopted hybrid work models, which allow employees to divide their time between office and remote arrangements.
The companies said they were cooperating with the SEC probe.