SEC Is Investigating Goldman Sachs Over ESG Funds, Sources Say

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WASHINGTON—The Securities and Exchange Commission is investigating Goldman Sachs Group Inc.’s asset-management arm over its funds that aim to invest based on environmental, social and governance standards, according to people familiar with the matter.

The SEC’s probe is the latest known instance of regulators’ scrutiny of ESG investing, which has been a boon for asset managers that struggled in recent years to compete with low-fee index funds.

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