The so-called Leveraged Executive Asset Plan, or LEAP, ordered Ciba Specialty's top ten managers worldwide to invest one year's salary in Ciba Specialty's shares at the initial offering price of SFr110 (US$79.50).
Top economic adviser Gary Cohn, a former Goldman Sachs senior executive, reported assets worth at least $250 million.
Among the highest ranking in that specialty is Mary C. Erdoes, who is chief executive of asset management at JPMorgan Chase, a role that includes wealth management.
"There is this perception that dogs us, and it's getting quite frustrating," said Ted Truscott, Ameriprise's chief executive of asset management.
But an official at the company said the settlement amounted to about half of each of the former executives' net assets.
Tony Watson, the affable chief executive of asset management group Hermes, has pulled off a real coup with his recruitment of California's ace fund manager Mark Anson.
"We are pleased to have this matter behind us, and to have clarity on the F.T.C.'s policies and expectations of the debt collection industry," said Rion Needs, president and chief executive of Asset Acceptance.
Asset protection trusts have become increasingly popular in recent years among physicians, who fear large medical malpractice awards, and corporate executives, whose assets are at greater peril now because of new laws.
Andrew Bailey, the FCA chief executive, said: "Asset managers are responsible for the savings of millions of people in the UK, making decisions which affect their financial wellbeing both now and in the future.
"There will be more transparency and more willingness to give out information, as long as it is controlled," predicted Bruce H. Lipnick, the chief executive of Asset Alliance, which buys interests in firms that run hedge funds.
