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Rating:10 Months Later, Pimco Receives a Wells Notice Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, August 3, 2015

10 Months Later, Pimco Receives a Wells Notice

Reported by Neil Anderson, Managing Editor

SEC staff have sent Pimco [profile] a Wells Notice over its Pimco Total Return ETF (BOND). This afternoon the Newport Beach, California-based fixed income giant revealed receipt of the notice.

The notice follows reports 10 months ago that the SEC was looking into how Pimco pegged the ETF's net asset value (NAV). That revelation came just days before star BOND PM Bill Gross jumped to Janus.

Pimco's statement today is brief, and gives insight into what the SEC is concerned about. Here's an excerpt:

This matter principally pertains to the valuation of smaller sized positions in non-agency mortgage-backed securities purchased by BOND between its inception on February 29, 2012 and June 30, 2012, the fund's performance disclosures for that period, and the firm's compliance policies and procedures related to these matters.

The Wells process provides us with our opportunity to demonstrate to the SEC staff why we believe our conduct was appropriate, in keeping with industry standards, and that no action should be taken. We will continue to engage with the SEC and we are confident that this matter will not affect our ability to serve our clients.


The five-star ETF now holds about $2.51 billion in assets according to Morningstar. 

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