UBS China venture faces wrath of silver investors after valuation change increases losses

Thousands of Chinese retail investors spent the last day of the Year of the Snake on Monday filing complaints against UBS SDIC Fund Management for an overnight valuation change that caused steep losses for holders of its silver fund, even after the firm offered remedies. More than 200,000 people lodged complaints against the operator of the country’s only silver fund after the controversial change on February 2, according to Xiaofei Bao, an online Chinese consumer protection platform. The switch...