Shareholders have spoken again; New leaders are needed to improve the Fund's performance and management. “Despite this clear and ongoing mandate for change, UBS, Popular Asset Management and established fund managers refuse to step aside,” said William Heath Hawke, founder of Ocean Capital.
“It is disappointing that funds continue to hide behind costly lawsuits – paid for by shareholders – to avoid long-awaited change.“He finished.
In June 2022, The investment company appealed to the court of first instance To recognize the two proposed directors elected by the shareholders – Brent Rosenthal and Jose Izquierdo II – claiming that the first PRITF refuses to recognize the replacement of Carlos Nido and Luis M. Pilot.
A year ago, Ocean Capital also Try to restructure fund governance Tax-Exempt Fixed Income Fund IV and V, designed by UBS exclusively for residents of Puerto Rico. However, UBS claimed that this was a strategy by the company – in collaboration with First Southern – to liquidate such investment funds and pocket the profits.
it is expected that The funds have already spent more than $5 million on outside advisors To fight Ocean Capital and other investors.
While Ocean Capital insists that board members have been “entrenched” in their positions and receiving their fees for more than 5,200 days – more than six-and-a-half years – this is despite shareholder elections.
“Last week’s shareholder vote now marks the eighth annual meeting and third consecutive annual meeting of PRITF I at which Ocean Capital’s nominees received sufficient votes to be elected by a significant margin,” Heath Hawke insisted.
“It is time for Carlos Nido, Luis M. Pilote, Enrique Villa del Corral, Gabriel Pagan Pedro, Carlos V. Ubinias, Vicente León, José J. Villamil, Clotilde Pérez or Jorge Vallejo to resign from the positions they improperly hold. and that PRITF I terminate its management agreements with UBS and Popular Asset Management immediately. “We will continue to do everything we can to ensure our shareholders’ voices are recognized and respected.”
For nearly a decade, clients of these closed-end mutual funds in Puerto Rico have been affected by the dispute with UBS, but largely because of the government's bankruptcy.
Although each fund has its own board of directors, some have questioned the independence of the directors and that they were appointed by the investment house, an issue rejected by UBS.
:quality(85)/cloudfront-us-east-1.images.arcpublishing.com/infobae/TEQF6EONZRFGLLLDIDD4L2O4EE.jpg "How to create 3D videos with my iPhone, it will be very useful even for your business")
:quality(75)/cloudfront-us-east-1.images.arcpublishing.com/elcomercio/XU32LRAEZFDDPNVHLFU3CKVBYY.jpg "Earthquake in the US today, Wednesday, May 29 – Earthquake’s exact time, magnitude and location via USGS | USGS | composition")
:format(jpeg):focal(3330x1430:3340x1420)/cloudfront-us-east-1.images.arcpublishing.com/gfrmedia/QDJ7F6LF25BOXIY5IGJFC7OQM4.jpg "Mutual fund shareholders in Puerto Rico select new leaders and reject UBS and Popular Asset Management")
More Stories
Bank of America has taken a drastic measure that could affect thousands of customers
With the effect of lifting, illuminating and moisturizing
$1 bills can cost up to $150,000 due to a printing error