UBS Global Asset Management Gets a Clone Posing as Prime Broker

According to an announcement made by the U.K. Financial Conduct Authority (FCA), the latest major financial firm to have a financial services website ‘Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term’ is Swiss bank UBS. The company’s UBS Global Asset Management division has been targeted by an unknown entity imitating its name.

The website added 'PB' after the UBS abbreviation, supposedly standing for Prime Broker Prime Broker Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Read this Term. The entity’s website www.ubs-pb.com has already been suspended and is currently inactive.

The FCA is warning the public that a number of clone companies have been misleading investors by using the details of authorized firms.

The practice is typically associated with unsolicited investment offers, ‘cold’ calling and others. Fraudsters typically contact prospective investors and provide them with lucrative returns offers while using the official label of the regulated entity as cover.

The main difference between the companies in question is only in one word. The scammer is believed to be using the name "UBS Global Asset Management Funds Ltd" and mixing it with the Firm Reference Number "119319" which belongs to the official subsidiary of Swiss bank UBS in the UK, UBS Global Asset Management (UK) Ltd.