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Neptune overpriced three funds

It has emerged that Neptune Investment Management compensated investors in three of its funds earlier this year after mispricing them.

Neptune’s global alpha, global equity and Russia & Greater Russia funds were priced too high from November 12 to January 6.

Neptune says the funds were compensated to make up for the investors that exited at the higher price and investing clients over the period were compensated with additional units.

It says it was an error caused by the funds’ accountant State Street who then took appropriate action in addressing its procedures and in making compensation accordingly.

A Neptune spokesman says: “This event dates back to February.  Neptune never ‘blamed’ State Street and neither was Neptune ‘forced’ to compensate.  Neptune’s priority was to contact its client base as soon as possible, and investors were compensated.
 
“There was never any intention to claw back from investors that redeemed at the higher price over the stated period as the article suggests.  The Neptune funds mentioned were compensated to make up for the investors that exited at the higher price.  Any investing clients over the period were compensated with additional units.
 
“Neptune was not to blame and the matter has been resolved.”

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