The U.S. Securities and Exchange Commission has settled proceedings against a number of money managers over allegations that they charged improper performance-based fees.

The SEC reports that it settled administrative and cease-and-desist proceedings against California-based investment adviser Kensington Investment Group Inc.; Massachusetts-based investment advisers Numeric Investors LLC and Putnam Investment Management LLC; Pennsylvania-based investment adviser Gartmore Mutual Fund Capital Trust; and, New York-based investment adviser The Dreyfus Corporation.

In each case, once SEC staff advised the firms that they were charging advisory fees based on methods that did not comply with the rules, they discontinued the practice and subsequently reimbursed the funds for the fees plus interest. All of the firms neither admitted nor denied the findings in the commission’s order.