UPDATE 1-BlackRock to pay $12 mln in SEC conflict of interest case

April 20, 2015 6:10 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 civil charges that one of its unit failed to disclose a conflict of interest created by one of its top portfolio managers.

The U.S. Securities and Exchange Commission said Monday that 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...

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