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

(Bloomberg) — Pacific Investment Management Co. will pay $9 million over allegations by 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 said 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.

Neither a lawyer the SEC listed as representing Pimco nor the firm immediately replied to requests for comment. 

The asset manager agreed to pay $2.5 million in the fee settlement, and $6.5 million for the swaps disclosure agreement. Pimco didn’t admit to or deny the SEC’s findings in either case.