Accessor Capital Management of Seattle is now the second firm the Securities and Exchange Commission has targeted for miscalculating its mutual fund performance-based management fees. In addition, several other investment managers that have sub-advised the Accessor Capital funds may also be implicated if the SEC follows through on its threats of regulatory action.

In a Jan. 31 amendment to its funds' prospectus, the advisor disclosed that the SEC staff will recommend that the Commission institute an enforcement action against the advisor, but not the funds themselves. The SEC, Accessor Capital noted, is charging that the fund advisor has been miscalculating both the core and performance-based fees it has paid to sub-advisors on eight of Accessor Capital's 16 funds dating as far back as 1992.

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