Nuveen Investments Inc. said on Thursday that the company's Symphony Asset Management unit is under investigation by the Securities and Exchange Commission for overcharging performance fees to an unaffiliated family of mutual funds, Dow Jones reports.

According to Nuveen's annual report, Symphony Asset Management has been notified that the SEC would like it to repay the fund family $2.8 million in overcharges on sub-adivsory fees and roughly $1 million in interest. The asset management unit served as sub-adviso to one of the funds in the unaffiliated fund family between 1995 to May 2001. Similar problems arising from incorrect calculations of performance fees led to overcharges in various other funds of the fund family, the SEC said.

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