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Showing posts with the label Pax World Funds

Pax Fined for Failure to Screen Investment Funds (Angela Wang)

According to the Associated Press, “Pax World Management Corp. has agreed to pay a $500,000 fine because it failed to follow its own socially responsible investing criteria over a five-year period, when two of its mutual funds invested in off-limits industries such as gambling and liquor, and oil and gas exploration.”
“Portsmouth, N.H.-based Pax, a pioneer in the growing socially responsible investing niche, agreed to pay the penalty to resolve civil charges announced Wednesday by the Securities and Exchange Commission.”

“Pax said the portfolio managers that had overseen the two funds at which the SEC found violations are no longer employed by Pax. The firm's head of social research at the time of the failures also has left, along with the chief compliance officer.”

http://ap.google.com/article/ALeqM5jpAR6_I1tvMPstp_dU30tfdqP-AQD928BKJ03

Angela Wang