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The fund companies failed to measure their funds' assets and performance against an external benchmark for the appropriate time period, the SEC said. The companies have also been censured and required to cease and desist from violating the Investment Advisers Act.
The SEC said that Dreyfus overcharged $2.9 million, Gartmore $632,000, Kensington $617,098, Numeric Investors $919,000 and Putnam $1.3 million. In reaching their settlements with the SEC, the companies neither admitted to nor denied the charges.