Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Administration March 3, 2005
Nuveen Discloses SEC Fee Probe
March 3, 2005 (PLANSPONSOR.com) - Nuveen Investments
Inc. revealed Thursday in a regulatory filing that the US
Securities and Exchange Commission (SEC) believes its asset
management unit overcharged mutual funds.
Reported by Fred Schneyer
According to Nuveen’s annual report, an SEC attorney believes the unit, Symphony Asset Management, should repay the funds $2.8 million in overcharges in subadvisory fees along with about $1 million in interest, according to the Associated Press.
Symphony, acquired by Nuveen in July 2001, served as subadviser to one of the funds from 1995 to May 2001, the filing said.
The SEC believes there were similar problems with the calculation of performance fees payable to sub-advisers of various other mutual funds, resulting in overcharges, the filing said.
Elsewhere in the annual report, Nuveen Investments disclosed that it has been subpoenaed in connection with mutual-fund investigations by the US Attorney for the Southern District of New York and the US Attorney for the Eastern District of Missouri.
The Chicago-based Nuveen sells investment products through banks, brokerages, insurance agents and other financial-service providers.
« California Counties May Back Alternative Pension Reform Plan