John Hancock has settled with the Securities and Exchange Commission on charges that it failed to disclose revenue-sharing agreements. The firm, which neither admitted nor denied the allegations, is paying $21.2 million.

The SEC said it used brokerage commissions to pay marketing expenses for mutual funds and variable annuities sold by affiliated distributors between 2001 and 2004.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.