Pimco says SEC is looking into fund
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Investment giant Pimco says the Securities and Exchange Commission is looking into its Total Return Active Exchange Traded Fund.
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FOR THE RECORD
An earlier version of this article said investment management company Pimco said the Securities and Exchange Commission may take legal action against its total return fund. The inquiry involves only Pimco’s Total Return Active Exchange Traded Fund.
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Pimco says it was notified that the SEC is looking into the valuation of smaller-sized positions in non-agency mortgage-backed securities purchased by the fund between its inception on Feb. 29, 2012 and June 30, 2012. The SEC is also investigating the fund’s performance disclosures for that period and its compliance policies and procedures.
Pacific Investment Management Co. says it received a Wells notice, which means SEC investigators are recommending that the agency take civil action against the company. The SEC is not formally accusing Pimco or the Pimco Total Return Active Exchange-Traded Fund of wrongdoing.
The SEC declined comment.
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