Mutual fund shareholders in Puerto Rico select new leaders and reject UBS and Popular Asset Management

Nearly four million shareholders of Puerto Rico Residents Tax Free Fund Inc. voted. (PRITF I) in favor of Ocean Capital's proposal, which aims to Termination of consulting and management contracts UPS Popular financial services and asset management In closed-end investment funds on the island.

This news was announced last Tuesday by the investment company after holding its annual meeting, in additionShareholders elected Ocean Capital's nominee, Ian McCarthy, to the fund's board of directors with overwhelming support of 36 votes to one against..

Shareholders have already voted for Ocean Capital's nominees at eight annual meetings, which the funds refuse to acknowledge, the company said.

The bid between Ocean Capital, a company that owns a 13% stake in PRITF I, and investment bank USB to transfer leadership of the nine closed-end mutual funds in Puerto Rico, began in 2021.. Since then, the company has made unsuccessful campaigns to appoint new independent directors.

Myrtle Frost

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