Mutual fund shareholders in Puerto Rico vote to remove UBS and Popular Asset Management from management positions

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 UBS Financial Services in Puerto Rico And popular asset management About the first family of closed-end investment funds established on the island.

The result of the vote was announced last week by Ocean Capital, an investment firm that has been calling for a reorganization of investment vehicles for years. This announcement came after the annual meeting was held, where, 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 for management positions at eight annual meetings that the funds refuse to acknowledge, the company said.

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