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Expanded ‘Fiduciary’ Definition Could Include
Advice on Investment Managers, Lawyer Says

Jan. 14, 2011, 5:00 AM

A person who gives advice about selecting investment managers or voting proxies could become an investment advice fiduciary if the definition of “fiduciary” is expanded under the Employee Retirement Income Security Act, an employee benefits attorney at the Segal Co. said Jan. 13 during a BNA webinar.

A Labor Department proposal to expand the definition of an ERISA fiduciary (204 DLR A-5, 10/22/10) would make advice about the management of securities and other properties a fiduciary act, according to Serena Simons, senior vice president and national compliance retirement practice leader at Segal, a Washington, D.C.-based employee benefits and ...

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