IMRO has fined Gartmore £50,000 for incorrectly pricing 21 institutional and retail unit trusts.
The fund manager will also pay a contribution of £50,000 toward investigation costs.
Gartmore compensated investors £110,000 and adjustments were made in favour of institutional investors and funds to correct the pricing errors which occurred between September and December 1997.
Gartmore discovered the problems in its administration arrangements and reported them to IMRO in January 1998.
The firm appointed external accountants to assist in addressing the problems and compensated the investors and funds.
The pricing errors occurred as a result of delays in posting foreign exchange transactions and data entry errors within Gartmore’s settlements department and because of increased volume of trades in Far Eastern securities.
By Jeena Nadarajan
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