Two former executives of troubled Amvescap subsidiary AIM Advisors have agreed to pay $225,000 (€187,900) in civil penalties to settle allegations that they allowed market timing in mutual funds.

The US Securities and Exchange Commission alleged that former AIM president and chief executive Michael Cemo and former chief investment officer Edgar Larsen allowed 10 market timing agreements in which certain investors were allowed to make "excessive exchanges and redemptions in select AIM funds portfolios".