Amcore reports inside trades

Amcore Financial, Inc., in its quarterly report to the Securities and Exchange Commission (SEC), has notified the commission it has found that late-day trading occurred with some shares of a mutual fund it advises.

The bank holding company said the transactions would have little effect on its bottom line, according to Dow Jones News Service.

Amcore said the trades happened with shares of Vintage Mutual Funds, which are advised by Amcore’s Investors Management Group Ltd.

Late-day trades are transactions that occur after the market closes for the day. They are posted at the net asset value for that day’s business.

Amcore said it will continue to investigate circumstances surrounding these trades and hopes to settle the issue promptly. The financial group said that will include determining if the practice caused any harm to shareholders of the fund.

SEC regulators have been closely scrutinizing such transactions. The practice benefits some preferred customers who are offered the closing value but can damage long-term fund shareholders who are only aware of the value the next day.

Enjoy The Rock River Times? Help spread the word!