UBS AG released its third-quarter earnings report on Tuesday. UBS took a $20 million trading loss and $21 million in credit losses all related to loans that were backed by Puerto Rican municipal securities and related funds.
UBS Financial Services Inc. of Puerto Rico, (UBS PR) is the subject of arbitration by investors who say they were sold highly leveraged closed-end funds by the unit's registered representatives and brokers but then took major losses according to a recent article in the InvestmentNews.
UBS Puerto Rico funds consists of 14 closed-end funds sold through brokers with UBS Financial Services Inc. of Puerto Rico. UBS sold more than $10 billion of the closed-end funds through the end of 2012.
UBS Wealth Management Americas trading income dropped by 23% in the period to $94 million, but the brokerage had a $218 million pretax profit. The net income was down 11% from the second quarter, but up 32% from the third quarter of last year, because of interest, fees and commissions on client balances increased by strong market performance. Client balances at the wealth management firm now stand at $969 billion, including $2.1 billion in new assets from clients, lower than the $2.8 billion in the second quarter because recruited advisers brought smaller books of business.
If you purchased Puerto Rican bond funds from UBS please call Soreide Law Group at (888) 760-6552 for a free consultation.
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