Securities and Exchange Commission (SEC) recently announced that investment management firm Pacific Investment Management Company (PIMCO) agreed to retain an independent compliance consultant and pay roughly $20 million to settle charges. These charges are related to misleading investors about the performance of one its first actively managed exchange traded funds (ETFs) and a failure to accurately value certain fund securities. According to the SEC, PIMCOs Total Return ETF attracted significant investor attention as it outperformed even its flagship mutual fund in the four months following its launch in February 2012. The initial performance was attributable to buying smaller-sized bonds known as odd lots as part of a strategy to help bolster performance out of the gate. ALSO READ: America’s Richest Cities In monthly and annual reports to investors, PIMCO provided other, misleading reasons for the ETFs early success and failed to disclose that the resulting performance from the odd lot strategy was not sustainable as the fund grew in size. The agency further found that PIMCOs odd lot strategy caused the Total Return ETF to overvalue its portfolio and consequently fail to accurately price a subset of fund shares. PIMCO valued these bonds using prices provided by a third-party pricing vendor for round lots, which are larger-sized bonds compared to odd lots. By blindly relying on the vendors price for round lots without any reasonable basis to believe it accurately reflected what the fund would receive if it sold the odd lots, PIMCO overstated the Total Return ETFs net asset value by as much as 31 cents. ALSO READ: The Richest Countries in the World Andrew J. Ceresney, director of the SECs Division of Enforcement, commented: PIMCO misled investors about the true long-term impact of its odd lot strategy and denied them the opportunity to make fully informed investment decisions about the Total Return ETF.
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Secretary of State John Kerry will travel to Europe from December 4-8, for a series of bilateral and multinational meetings. On December 4-5, the Secretary will meet in Berlin, Germany, with German Foreign Minister Frank-Walter Steinmeier to discuss navigate to this site cooperation on a range of regional and global issues, including the upcoming NATO and OSCE Ministerials, Syria, and Ukraine. Secretary look at these guys Kerry will also receive the Federal Cross of Merit from Foreign Minister Steinmeier, and he will meet with a group of young Germans committed to maintaining and strengthening the Transatlantic relationship. Secretary Kerry will then travel to Brussels, Belgium on December 6-7, to attend the NATO Foreign Ministerial. The Secretary will meet with his counterparts from NATO Ally and partner nations to further efforts to strengthen NATOs security, to project stability to the Alliances east and south, and to strengthen NATO-EU cooperation. While in Brussels, Secretary Kerry will also medical interview tell me about yourself meet with EU High Representative for Foreign Affairs and Security Policy Federica Mogherini to discuss cooperation between the United States and the European Union on a range of global issues. On December 7-8, Secretary Kerry will travel to Hamburg, Germany, to attend the OSCE Ministerial Council, hosted by the OSCE Chairman-in-Office, German Foreign Minister Steinmeier. The Secretary will meet with his counterparts from the 57 OSCE participating states, where he will emphasize the need for all 57 to uphold and implement OSCE principles and commitments, including on human rights and military security. The Secretary will also meet with representatives from the five states of Central Asia to discuss the status and future prospects for the C5+1 diplomatic platform and joint projects, as well as a broad range of regional challenges and opportunities, such as economic connectivity, security, environment and climate change, and humanitarian issues.
For the original version including any supplementary images or video, visit http://www.state.gov/r/pa/prs/ps/2016/12/264776.htm
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