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Pimco-run fund investigated by US authorities | |
(about 1 hour later) | |
A fund run by investment firm Pimco is being investigated over allegations that managers inflated returns. | |
The exchange-traded fund (ETF) is run by celebrated financier and Pimco co-founder Bill Gross, who has been interviewed by US authorities, according to the Wall Street Journal. | |
The Pimco Total Return ETF has grown rapidly in the past couple of years. | |
Pimco said the investigation was a "private matter" and that its pricing procedures were "entirely appropriate". | Pimco said the investigation was a "private matter" and that its pricing procedures were "entirely appropriate". |
The Californian firm confirmed it had been co-operating with the US regulator, the Securities and Exchange Commission (SEC), but did not elaborate on the nature of the investigation. | The Californian firm confirmed it had been co-operating with the US regulator, the Securities and Exchange Commission (SEC), but did not elaborate on the nature of the investigation. |
The Wall Street Journal reported on Tuesday that the investigation had been going on for months and concerned the manner in which Pimco purchased and valued certain bonds. | The Wall Street Journal reported on Tuesday that the investigation had been going on for months and concerned the manner in which Pimco purchased and valued certain bonds. |
The company, widely considered to be the world's biggest bond manager, was set up in 1971, and acquired by insurance giant Allianz in 2000. | The company, widely considered to be the world's biggest bond manager, was set up in 1971, and acquired by insurance giant Allianz in 2000. |
Shares in Allianz have fallen slightly following news of the SEC investigation. | |