The comments come as ESG fund managers digest the crackdown that just hit their industry. On May 31, as police searched the offices of Deutsche Bank AG and its fund unit DWS Group, the authorities who sent them were setting a precedent for environmental, social and governance investing. The allegations of greenwashing that triggered the raid have been rejected by DWS, but nonetheless prompted the departure of its chief executive.As if to underline the sense of a new regulatory era, word broke late Friday that the US Securities and Exchange Commission is looking into the ESG claims of Goldman Sachs Group Inc.’s asset-management unit. That’s despite the lack of a complete ESG rulebook in the US.I believe these are the first ripples of a wave of regulatory interventions that we are likely to see in the coming months,” Siriwardena told Bloomberg. “The number of ESG-focused funds has soared, so it’s no surprise that the regulators want to set expectations to maintain market credibility.