Many UBS clients have sustained losses in the Satellite Multi-Strategy Access Fund LLC ("Satellite Multi-Strategy"), and the UBS Renaissance Institutional Equities Fund I, LLC ("UBS Renaissance").
UBS sold approximately $71 million and $221 million of each fund to its clients. Funds such as Satellite Multi-Strategy and UBS Renaissance contain substantial risks that the average investor is unaware of.
Under FINRA rules and regulations, Firms such as UBS that solicit their clients to purchase these types of investments are required to disclose the true risks associated with the Funds, or they may be held liable for client losses.
According to The Securities Law Firm of Menzer & Hill, P.A., many Brokerage Firms are pushing private funds to their clients because they tend to be the most profitable investment vehicles the Broker-Dealer offers.