Two UBS Advisory Firms Settle Charges Arising From Failure to Disclose Change in Investment Strategy

Settlement Will Return More Than $13 Million to Harmed Investors

Washington D.C., Oct. 19, 2015 — The Securities and Exchange Commission today announced that two UBS advisory firms have agreed to settle charges arising from their roles in failing to disclose a change in investment strategy by UBS Willow Fund LLC, a closed-end fund they advised.

UBS Willow Management LLC and UBS Fund Advisor LLC agreed to pay a total of approximately $17.5 million, more than $13 million of which will be returned to harmed investors. 

Read the rest of the press release from the SEC here