Tuesday, 16 September 2014
Last updated 49 min 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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