Ubs wood river update

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Short-sellers borrow shares and then sell them, waiting for the stock to fall so they can buy the shares back at a lower price, return them to the lender, and pocket the difference. UBS did not return phone calls seeking comment. Separately on Wednesday, Endwave said it had settled with the court-appointed receiver for Wood River and that it will file a shelf registration statement for resale of Endwave shares still held by Wood River entities.

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Wealth Management Discover a clearer financial future. One of the world's leading asset managers Offering a diverse range of traditional and alternative investment capabilities. Harris Associates L. Market forces and competition constrain fees, according to the panel, because when fees are unreasonable in relation to the returns, investors move their money elsewhere.

In what some have said amounts to a call for Supreme Court review of the issue, Judge Posner, joined by four other dissenting judges, criticized the panel's departure from the Gartenberg standard.

According to Posner, because mutual funds are generally captive to the advisers that created them, the arms-length bargaining process required for a competitive market never occurs. In contrast, Posner points out, where arms-length bargaining does occur, such as for equity pension fund portfolio managers, the advisory fees tend to be significantly lower. According to the SEC's July 30 order, the SEC found that from to Pax had purchased securities for its funds that violated the restrictions it had set forth in the funds' prospectuses and other filings.

Beginning in , Pax began to take certain remedial measures, including replacing certain investment and compliance professionals, adopting a new compliance manual and implementing SRI compliance software. The SEC charged Pax with violations of Section 2 of the Investment Advisers Act of the " Advisers Act " for engaging in fraud upon clients and prospective clients; Section 13 a 3 of the Investment Company Act of the " Investment Company Act " for causing the funds it advised to deviate from their stated investment policy without authorization by shareholder vote; and Section 34 b of the Investment Company Act for making untrue statements of material fact in the funds' registration statements and other filings made pursuant to the Investment Company Act.

In an effort to help mutual funds understand and comply with their anti-money laundering " AML " obligations, on August 7, , the SEC announced two new compliance initiatives. Notice: This newsletter is a summary that we believe may be of interest to you for general information. It is not a full analysis of the matters presented and should not be relied upon as legal advice. If you would rather not receive these memoranda, please respond to this email and indicate that you would like to be removed from our distribution list.

If you have any questions about the matters covered in this publication, the names and office locations of all of our partners appear on our website, www. If you are having trouble viewing this email, click here to view it on our website. The SEC comment period ends on November 5, See a copy of the decision Hedge Fund Adviser Sanctioned for Unauthorized Transfers between Funds The SEC recently charged a hedge fund adviser and one of its employees in an administrative proceeding for transferring cash from two of the funds it advised in order to satisfy the margin calls of a third.

See a copy of the Proposed Guidance. See a copy of the SEC's order. Citigroup settlement. Morgan Stanley and JPMorgan settlements. Wachovia settlement. See a copy of the court's decision. See a copy of the Posner dissent.