UPDATE 1-First Eagle to pay nearly $40 mln in SEC case over distribution fees

September 21, 2015 4:18 PM

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WASHINGTON, Sept 21 (Reuters) - First Eagle Investment Management will pay nearly $40 million to settle civil charges that the investment firm improperly used mutual fund assets to pay for marketing and distribution fees, as U.S. regulators seek to crack down on the practice.

The Securities and Exchange Commission said the enforcement action against First Eagle and its affiliated distributor FEF Distributors is its first case to come out of a new crackdown dubbed the "Distribution-in-Guise Initiative."

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