Apollo Global Management, the $186 billion-asset private-equity firm whose bosses include Sixers lead owner Josh Harris, has agreed to pay $53 million to settle Securities and Exchange Commission complaints that the firm reduced returns available to its clients, including the Pennsylvania state pension fund (SERS), by inadequately disclosing fees it collected from companies it bought with their cash before selling them or taking them public. (Revised)
Apollo "failed to adequately disclose the benefits they received, to the detriment of fund investors," when it speeded up "monitoring fees" it collected from firms in 2011-15, the SEC said in its statement.