Invesco (IVZ) has agreed to pay a $17.5 million fine to settle Securities and Exchange Commission charges that it made misleading statements about the percentage of its assets that were invested according to environmental, social and governance factors.
The SEC said Friday that from 2020 to 2022, Invesco told clients and stated in marketing materials that between 70% to 94% of its parent company's assets integrated ESG factors into investment decisions.
"However, in reality, these percentages included a substantial amount of assets that were held in passive ETFs that did not consider ESG factors in investment decisions," the SEC said in a release.
"We are pleased to resolve this matter related to historical statements made about the percentage of firmwide assets under management that were ESG-integrated," Invesco spokesperson Andrea Raphael said in an emailed statement. "The SEC order makes no allegations or findings related to disclosures about specific funds or investment strategies."
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