BlackRock to pay $12 mln in SEC conflict of interest case

April 20, 2015 5:36 PM

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April 20 (Reuters) - BlackRock Inc, one of the world's largest asset managers, agreed to pay $12 million to resolve U.S. Securities and Exchange Commission charges that a unit failed to disclose a conflict of interest created by the outside business activity of a top portfolio manager.

The SEC on Monday said BlackRock Advisors LLC breached its fiduciary duties to clients by failing to disclose that Daniel Rice, who oversaw some energy funds and separate accounts, was running a family-owned oil and natural gas company that ultimately became the largest holding of a fund he ran for ...

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