While a Friday Wall Street Journal
article gives no indication that the SEC's scrutiny of performance fees is hitting the biggest fund firms, regulators will likely act against at least one other fund firm.
According to the article, Seattle, Washington-based Accessor Capital Management
disclosed in a January filing that the SEC will recommend an enforcement action against the firm for overcharged performance fees. Accessor eliminated performance-related fees from its entire 15-fund lineup.
News that the SEC was investigating performance fees first popped up after Bridgeway Capital disclosed it was settling overcharge allegations for $5.2 million.
then reported in December that the SEC was looking at three other funds -- Putnam Research, Gartmore U.S. Growth Leaders and WWW Internet.
According to the Journal
article, numeric investors Small Cap Value Fund and the Taiwan Fund are also allegedly under scrutiny.
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