On August 23, 2019, an extensive article in The Wall Street Journal (“UBS Faces Client Backlash over Options Strategy”), exposed a complex investment strategy pitched as low-risk by stockbrokers at UBS Group AG (NYSE – UBS) that has triggered a backlash from clients of its securities unit. The strategy, called Yield Enhancement Strategy, or “YES,” has reportedly […]
Out of nowhere, a $693 million loan Clover took to the market five years ago lost about a third of its value. This collapse was surprising to insiders who trade corporate loans. Clover had been operating since 1996 when it was acquired by Golden Gate which followed an usual path of private equity buyouts — […]
GPB Capital describes itself as a “New York-based alternative asset management firm that seeks to acquire income-producing private companies.” GPB raised more than $1.5 billion in capital held in private limited partnerships that invest primarily in auto dealerships and waste management businesses. GPB Capital Investor Claims for Recovery Investments in GPB Capital were sold by […]
The firm is investigating the sale of the Yield Enhancement Strategy (“YES”) recommended by financial advisors to UBS customers. The investigation focuses on UBS sales practices and representations made in connection with the recommendation of the UBS YES program for fixed income customers. UBS’s Yield Enhancement Strategy (“YES”) reportedly had over $5 billion under management […]
On January 22, 2019, FINRA released its “2019 Risk Monitoring and Examination Priorities Letter” which identifies topics that FINRA will focus on in the coming year. As always, suitability remains one of FINRA’s top priorities in the coming year. Some of the specific areas on which FINRA may focus in 2019 include: (1) deficient quantitative […]