Pimco to Pay $9M to Settle SEC Fee and Disclosure Probes

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(Bloomberg) — Pacific Investment Management Co. will pay $9 million over allegations from the US Securities and Exchange Commission that it broke agency rules when advising on two funds. 

The SEC said on Friday that Pimco failed to disclose key information to investors about how swaps could impact its PIMCO Global StocksPLUS & Income Fund between 2014 and 2016. Additionally, the Wall Street regulator alleged that between 2011 and 2017 that the asset manager failed to waive $27 million in fees that it had agreed to forgo, and that the firm lacked some some written policies and procedures related to fees.

Pacific Investment Management Co. (Pimco) headquarters in Newport Beach, California

Neither a lawyer the SEC listed as representing Pimco nor the firm immediately replied to requests for comment. Newport Beach, Calif.-based Pimco didn’t admit to or deny the SEC’s findings in either case. 

The asset manager agreed to pay $2.5 million in the fee settlement, which the SEC said was caused by an error in a formula. Pimco had agreed to waive some of the fees its charged to manage its All Asset All Authority Fund, a fund of funds, the regulator said. 

But from April 2011 to November 2017, the SEC said that an error in the formula used to calculate how much in fees should be waived led Pimco to fail to waive $27 million in fees. The fund returned the fees to investors with lost performance and interest in 2018, the SEC said. The All Asset All Authority Fund had $1.86 billion in assets as of May 31, according to data compiled by Bloomberg. 

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The fund manager agreed to pay $6.5 million over the allegations related to swaps disclosures in the PIMCO Global StocksPLUS & Income Fund. That fund has $83.7 million in assets as of last month, according to data compiled by Bloomberg.

https://www.wealthmanagement.com/regulation-compliance/pimco-pay-9m-settle-sec-fee-and-disclosure-probes

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