New York’s top financial regulator has sent subpoenas to several firms seeking information on investments that guarantee steady payments to hundreds of thousands of retirees and other consumers, according to a report by the Wall Street Journal.
The New York Department of Financial Services has sought information from Apollo Global Management, Guggenheim Partners and Harbinger Group Inc on investments that back so-called fixed annuities, the report said.
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Additional subpoenas were sent to insurer Global Atlantic Financial Group and its former parent, Goldman Sachs Group for information related to their role in a deal that will significantly expand an insurer with ties to Apollo.
The agency is seeking emails, memos, investor pitch-books and financial forecasts related to the investment firms’ insurance businesses, as well as more information on how the businesses are funded and their investment strategies, unknown sources told the Wall Street Journal.
A subpoena is a legal demand for information and doesn’t signal wrongdoing by the recipients
According to the journal, Benjamin Lawsky, the department’s head, is said to be pushing greater scrutiny of insurers’ investment strategies as the department considers new regulations that would address particularly risky bets.
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By GlobalDataAn Apollo spokesman told the Wall Street Journal that the firm "looks forward" to providing information to the New York regulator.
