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Rating:Galvin Probes 3 Funds for Puerto Rico Investments  Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, October 09, 2013

Galvin Probes 3 Funds for Puerto Rico Investments

News summary by MFWire's editors

William Galvin strikes again.

This time the Massachusetts Secretary of the Commonwealth is investigating Fidelity, OpFunds, and UBS for their Puerto Rico municipal bond investment strategies, according to Reuters.

According to Reuters, the state regulator claims that investors may not have been aware of the firm's exposure to the island's fiscal crisis, and wants to determine how they sold mutual funds with heavy concentrations of Puerto Rico debt and how they disclosed the risk. 

Edited by: Tommy Fernandez


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