UBS Fines Highlight Valuation Function Vulnerabilities

Strapline: Pricing & Valuations


More firms are likely to be fined by regulators for lapses in their valuation functions, an analyst has predicted, after the Securities and Exchange Commission (SEC) penalized UBS Global Asset Management (UBSGAM) for failing to properly price securities in three mutual funds it managed.

An SEC investigation found that during a two-week period in 2008, UBSGAM, which is an SEC-registered investment adviser, did not follow the mutual funds’ fair-valuation procedures in pricing certain illiquid fixe

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