UBS broadens bank deposit sweep program to include more participants

By Toni Weeks

San Diego, April 5 - UBS Financial Services Inc. has expanded its bank deposit sweep program, under which free cash balances in various client securities accounts are swept into interest-bearing deposit accounts, according to a 497 filing with the Securities and Exchange Commission.

The program will include eligible participants in the Managed Accounts Consulting Program, Portfolio Management Program, ACCESS, Managed Portfolio Program, UBS Strategic Wealth Portfolio, UBS Strategic Advisor, Private Wealth Solutions and other advisory programs that UBS may add from time to time.

Advisor accounts that participate in the program will be subject to an automatic dollar limit of $250,000 per account owner with respect to the amount that can be swept into bank deposit accounts. Available balances beyond the limit will automatically be invested in shares of the fund.

Eligible participants include individuals, IRAs, sole proprietors, governmental entities and trusts, as long as all beneficiaries of the trust accounts are natural persons or nonprofit organizations. Custodial accounts are eligible if each beneficiary is an eligible participant.

The changes become effective April 9.

UBS Financial Services Inc. is an affiliate of London-based UBS Global Asset Management.

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