The Securities and Exchange Commission has charged New York-based registered investment adviser Global Infrastructure Management with failing to properly offset its management fees and for making misleading statements about the fees and expenses it charged.
To settle the charges, Global agreed to pay a $4.5 million penalty. It also voluntarily repaid $5.4 million to its affected private fund clients.
According to the SEC’s order, Global failed to offset certain portfolio company fees against management fees charged to clients, as required under its offering and governing documents. As a result, clients overpaid millions in additional management fees. The SEC’s order also found that Global provided investors with inconsistent statements about how Global would calculate management fees. In addition, the SEC’s order found that deficiencies in Global’s compliance program led to the violations.
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