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SEC satisfied with P-E firm progress

Jan. 22, 2015 1:14 PM ETBlackstone Inc. (BX) StockPSP, BX, KKR, PEXBy: Stephen Alpher, SA News Editor1 Comment
  • "The pace of change has been surprising," says Igor Rozenblit, the SEC's co-head of private-funds compliance, noting P-E firms have put a stop to some of their worst violations, but still have room for improvement.
  • The SEC last May said it found illegal fees or severe compliance shortfalls in more than half the P-E firms it reviewed starting in 2012.
  • Firms including Blackstone (BX +2.9%) and KKR (KKR +2.9%) have ended the collection of certain fees, begun disclosing previously hidden charges, and refunded some bills to investors.
  • A report in the WSJ from last night, says KKR refunded money to investors in some of its buyout funds after the SEC found they had been overcharged.
  • ETFs: PSP, PEX

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