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Invesco to Pay Funds $400 Million on Market Dive, Accounting Fix

March 12, 2020, 7:47 PM

Invesco Ltd. is preparing to issue roughly $400 million in refunds and expense reimbursements to four mutual funds and their shareholders after determining that the funds failed to properly value tax-related assets dating back to 2015.

The money manager will revise the financial statements for four Invesco Oppenheimer SteelPath MLP funds and cut the net asset value for three of the four, according to a regulatory filing Thursday.

The four SteelPath funds, which specialize in master limited partnerships tied to the energy industry, have all fallen more than 40% this year, leaving them with a combined net asset value of ...