Saturday, 28 November 2015
Last updated 21 hours ago
Nov 19 2010 | 6:40am ET
UBS has settled charges stemming from its “hedge fund hotel” in Boston.
The Swiss bank will pay $100,000 to end the investigation by Massachusetts regulators. UBS Securities was accused of offering posh office space in Boston’s financial district to hedge funds at less than half the market rate in exchange for their business. Those that didn’t funnel business to UBS were essentially evicted, Massachusetts Secretary of the Commonwealth William Galvin said.
UBS lacked written notices of agreement, according to Galvin, which are required by Massachusetts law.
UBS has also agreed to hire a consultant to review its disclosure policies and practices.
Galvin has been investigating hedge fund hotels for eight years. He said UBS’ practices were widespread among other banks and in other cities.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…