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2021-03-19

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UBS quietly bans advisers from pitching booming SPACs to clients<blockquote>瑞银悄悄禁止顾问向客户推销蓬勃发展的SPAC</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":327436702,"tweetId":"327436702","gmtCreate":1616115751306,"gmtModify":1634527166015,"author":{"id":3560394851002481,"idStr":"3560394851002481","authorId":3560394851002481,"authorIdStr":"3560394851002481","name":"Alex77","avatar":"https://static.tigerbbs.com/da14fbb2adbae4651f74cd7d3331bc3a","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":30,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>[流泪]&nbsp;</body></html>","htmlText":"<html><head></head><body>[流泪]&nbsp;</body></html>","text":"[流泪]","highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/327436702","repostId":1134211521,"repostType":4,"repost":{"id":"1134211521","kind":"news","pubTimestamp":1616115011,"share":"https://www.laohu8.com/m/news/1134211521?lang=zh_CN&edition=full","pubTime":"2021-03-19 08:50","market":"us","language":"en","title":"UBS quietly bans advisers from pitching booming SPACs to clients<blockquote>瑞银悄悄禁止顾问向客户推销蓬勃发展的SPAC</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1134211521","media":"CNN Business","summary":"New York (CNN Business) - UBS, a major player in the blank-check boom captivating Wall Street, has q","content":"New York (CNN Business)&nbsp;-&nbsp;UBS, a major player in the blank-check boom captivating Wall Street, has quietly banned its financial advisers from pitching SPAC stocks to wealth management clients, CNN Business has learned.<blockquote>纽约（CNN商业）——据CNN Business获悉，瑞银是吸引华尔街的空白支票热潮中的主要参与者，该公司已悄悄禁止其财务顾问向财富管理客户推销SPAC股票。</blockquote> The restrictions, which haven't been previously reported, highlight the&nbsp;elevated risk&nbsp;of playing in what is one of the&nbsp;hottest corners of finance&nbsp;right now.<blockquote>这些限制此前从未报道过，凸显了在目前最热门的金融领域之一开展业务的风险较高。</blockquote> Special purpose acquisition companies&nbsp;(SPACs) are&nbsp;shell companies&nbsp;that exist only to take private firms public through reverse mergers. Although these kinds of deals were once frowned upon, SPACs have become all the rage, with major companies including&nbsp;Virgin Galactic,DraftKings&nbsp;and Playboy all going public this way.<blockquote>特殊目的收购公司（SPAC）是空壳公司，其存在只是为了通过反向合并使私营公司上市。尽管这类交易一度不受欢迎，但SPAC已经风靡一时，包括维珍银河、DraftKings和花花公子在内的大公司都以这种方式上市。</blockquote> SPACs have raised more than $80 billion so far in 2021, up 2,000% from this point last year, according to Dealogic. The recent involvement of pro athletes, singers and politicians is&nbsp;raising concern among US financial regulators.<blockquote>根据Dealogic的数据，2021年迄今为止，SPAC已经筹集了超过800亿美元，比去年同期增长了2000%。最近职业运动员、歌手和政客的参与引起了美国金融监管机构的担忧。</blockquote> Earlier this month,UBS&nbsp;(UBS)&nbsp;decided its wealth management clients will be allowed to trade SPAC shares only on an unsolicited basis, a person familiar with the matter told CNN Business.<blockquote>一位知情人士告诉CNN Business，本月早些时候，瑞银(UBS)决定其财富管理客户只能在未经请求的情况下交易SPAC股票。</blockquote> In other words, UBS advisers are not permitted to call their wealthy clients to encourage them to buy or sell specific SPACs trading on the open market. Once the newly merged entity has gone public, the UBS advisers will be allowed to pitch the stocks.<blockquote>换句话说，瑞银顾问不得向富裕客户提供看涨期权，以鼓励他们在公开市场上买卖特定的SPAC交易。一旦新合并的实体上市，瑞银顾问将被允许推销股票。</blockquote> A UBS spokesperson declined to comment.<blockquote>瑞银发言人拒绝置评。</blockquote> The decision was made, the person familiar with the matter said, because of the limited availability of information and research on SPACs before they merge with private companies.<blockquote>知情人士表示，之所以做出这一决定，是因为在SPAC与私营公司合并之前，有关SPAC的信息和研究有限。</blockquote> Some SPACs 'make no sense'<blockquote>一些SPAC“毫无意义”</blockquote> Indeed, little is known about SPACs until they determine what company they will target to bring public. SPACs don't have operating businesses, just a blank check and a management team hunting for the right merger candidate.<blockquote>事实上，在SPAC确定上市目标之前，人们对SPAC知之甚少。SPAC没有运营业务，只有一张空白支票和一个寻找合适合并候选人的管理团队。</blockquote> The SPAC restrictions at UBS do not extend to SPAC IPO offerings. UBS financial advisers are still able to review these so-called primary SPAC offerings with eligible clients in deals where UBS is an underwriter of the IPO, the person said. (Private banks like UBS typically only offer these deals up to wealthy clients with net worth above a specified level.)<blockquote>瑞银的SPAC限制不适用于SPAC IPO发行。该人士表示，在瑞银担任IPO承销商的交易中，瑞银财务顾问仍然能够与合格客户一起审查这些所谓的主要SPAC发行。（瑞银等私人银行通常只向净资产超过特定水平的富裕客户提供这些交易。）</blockquote> The SPAC restrictions by UBS come as some experts, including&nbsp;former Federal Reserve officials&nbsp;and&nbsp;famed investor Jeremy Grantham, worry the blank-check boom is overdone. US-listed SPACs have already raised more money this year than in all of 2020 — and the year's first quarter hasn't even ended.<blockquote>瑞银对SPAC的限制出台之际，包括前美联储官员和著名投资者杰里米·格兰瑟姆在内的一些专家担心空白支票热潮有些过头。在美国上市的SPAC今年筹集的资金已经超过了2020年全年，而今年第一季度甚至还没有结束。</blockquote> \"If you look at the SPAC market, there's some really attractive new companies and new technologies coming to the market that are financing effectively,\" Rick Rieder, BlackRock's chief investment officer of global fixed income, told CNN Business this week. \"And then there are some that make no sense.\"<blockquote>贝莱德全球固定收益首席投资官里克·里德(Rick Rieder)本周对CNN Business表示：“如果你看看SPAC市场，就会发现一些真正有吸引力的新公司和新技术正在进入市场，并且正在有效融资。”“还有一些是没有意义的。”</blockquote> Rieder expressed concern about how some SPACs will ever be able to grow into the elevated multiples they are garnering. \"You've got to be really selective about where you go and not just jump onto that train because it's gotten crazy,\" he said.<blockquote>里德对一些SPAC如何能够成长为他们所获得的高市盈率表示担忧。“你必须对你要去的地方非常有选择性，而不是因为火车变得疯狂而跳上火车，”他说。</blockquote> Big banks like UBS are cashing in<blockquote>瑞银等大银行正在获利</blockquote> Celebrities including Alex Rodriguez, Jay-Z and Ciara Wilson have all lent their star power to SPACs in recent months.<blockquote>近几个月来，包括A·罗德里格兹、Jay-Z和希亚拉·威尔逊在内的名人都将自己的明星影响力借给了SPAC。</blockquote> The&nbsp;SEC issued a warning&nbsp;last week urging investors not to buy SPACs simply because of a celebrity's involvement. \"Celebrities, like anyone else, can be lured into participating in a risky investment or may be better able to sustain the risk of loss,\" the SEC said.<blockquote>SEC上周发出警告，敦促投资者不要仅仅因为名人的参与就购买SPAC。美国证券交易委员会表示：“名人和其他人一样，可能会被吸引参与高风险投资，或者可能能够更好地承受损失风险。”</blockquote> Big banks, including UBS, are cashing in on the SPAC craze. Investment banks receive fees in exchange for finding buyers for SPAC shares and putting a floor beneath their share price. These fees are not as large as what Wall Street firms make on traditional IPOs, but the sheer volume of SPAC deals have helped make up for that.<blockquote>包括瑞银在内的大银行正在从SPAC热潮中获利。投资银行收取费用，以换取为SPAC股票寻找买家并为其股价设定下限。这些费用没有华尔街公司在传统IPO中赚取的那么多，但SPAC交易量的巨大帮助弥补了这一点。</blockquote> UBS was the primary underwriter, or book runner, on 22 US-listed SPACs last year, sixth among major Wall Street firms, according to Dealogic. The Swiss bank was one of the lead underwriters, along with Citigroup, for&nbsp;Bill Ackman's SPAC, which&nbsp;raised $4 billion&nbsp;last July and is still hunting for a merger candidate. UBS has led another 15 SPACs so far this year, according to Dealogic.<blockquote>Dealogic的数据显示，瑞银去年是22家在美国上市的SPAC的主承销商或账簿管理人，在华尔街主要公司中排名第六。这家瑞士银行与花旗集团一起是比尔·阿克曼(Bill Ackman)的SPAC的主承销商之一，该公司去年7月筹集了40亿美元，目前仍在寻找合并候选人。根据Dealogic的数据，今年迄今为止，瑞银已经领导了另外15家SPAC。</blockquote> UBS is actively hiring in this booming part of the capital markets business. A week ago,the company listed a position on LinkedIn&nbsp;for a New York-based investment banker squarely focused on SPACs.<blockquote>瑞银正在资本市场业务这一蓬勃发展的领域积极招聘。一周前，该公司在LinkedIn上为一位专注于SPAC的纽约投资银行家列出了一个职位。</blockquote> Martin Blessing, the former co-president of UBS Global Wealth Management,reportedly launched a SPAC earlier this week&nbsp;aimed at buying a financial technology company.<blockquote>据报道，瑞银全球财富管理前联席总裁Martin Blessing本周早些时候发起了SPAC，旨在收购一家金融科技公司。</blockquote> It's not clear whether other major banks are imposing similar restrictions. Wells Fargo declined to comment, while representatives from firms including Goldman Sachs, Bank of America and JPMorgan did not respond to inquiries.<blockquote>目前尚不清楚其他主要银行是否也在实施类似的限制。富国银行拒绝置评，而高盛、美国银行和摩根大通等公司的代表也没有回应询问。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UBS quietly bans advisers from pitching booming SPACs to clients<blockquote>瑞银悄悄禁止顾问向客户推销蓬勃发展的SPAC</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUBS quietly bans advisers from pitching booming SPACs to clients<blockquote>瑞银悄悄禁止顾问向客户推销蓬勃发展的SPAC</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nCNN Business2021-03-19 08:50\n\n</h4>\n</header>\n<article>\nNew York (CNN Business)&nbsp;-&nbsp;UBS, a major player in the blank-check boom captivating Wall Street, has quietly banned its financial advisers from pitching SPAC stocks to wealth management clients, CNN Business has learned.<blockquote>纽约（CNN商业）——据CNN Business获悉，瑞银是吸引华尔街的空白支票热潮中的主要参与者，该公司已悄悄禁止其财务顾问向财富管理客户推销SPAC股票。</blockquote> The restrictions, which haven't been previously reported, highlight the&nbsp;elevated risk&nbsp;of playing in what is one of the&nbsp;hottest corners of finance&nbsp;right now.<blockquote>这些限制此前从未报道过，凸显了在目前最热门的金融领域之一开展业务的风险较高。</blockquote> Special purpose acquisition companies&nbsp;(SPACs) are&nbsp;shell companies&nbsp;that exist only to take private firms public through reverse mergers. Although these kinds of deals were once frowned upon, SPACs have become all the rage, with major companies including&nbsp;Virgin Galactic,DraftKings&nbsp;and Playboy all going public this way.<blockquote>特殊目的收购公司（SPAC）是空壳公司，其存在只是为了通过反向合并使私营公司上市。尽管这类交易一度不受欢迎，但SPAC已经风靡一时，包括维珍银河、DraftKings和花花公子在内的大公司都以这种方式上市。</blockquote> SPACs have raised more than $80 billion so far in 2021, up 2,000% from this point last year, according to Dealogic. The recent involvement of pro athletes, singers and politicians is&nbsp;raising concern among US financial regulators.<blockquote>根据Dealogic的数据，2021年迄今为止，SPAC已经筹集了超过800亿美元，比去年同期增长了2000%。最近职业运动员、歌手和政客的参与引起了美国金融监管机构的担忧。</blockquote> Earlier this month,UBS&nbsp;(UBS)&nbsp;decided its wealth management clients will be allowed to trade SPAC shares only on an unsolicited basis, a person familiar with the matter told CNN Business.<blockquote>一位知情人士告诉CNN Business，本月早些时候，瑞银(UBS)决定其财富管理客户只能在未经请求的情况下交易SPAC股票。</blockquote> In other words, UBS advisers are not permitted to call their wealthy clients to encourage them to buy or sell specific SPACs trading on the open market. Once the newly merged entity has gone public, the UBS advisers will be allowed to pitch the stocks.<blockquote>换句话说，瑞银顾问不得向富裕客户提供看涨期权，以鼓励他们在公开市场上买卖特定的SPAC交易。一旦新合并的实体上市，瑞银顾问将被允许推销股票。</blockquote> A UBS spokesperson declined to comment.<blockquote>瑞银发言人拒绝置评。</blockquote> The decision was made, the person familiar with the matter said, because of the limited availability of information and research on SPACs before they merge with private companies.<blockquote>知情人士表示，之所以做出这一决定，是因为在SPAC与私营公司合并之前，有关SPAC的信息和研究有限。</blockquote> Some SPACs 'make no sense'<blockquote>一些SPAC“毫无意义”</blockquote> Indeed, little is known about SPACs until they determine what company they will target to bring public. SPACs don't have operating businesses, just a blank check and a management team hunting for the right merger candidate.<blockquote>事实上，在SPAC确定上市目标之前，人们对SPAC知之甚少。SPAC没有运营业务，只有一张空白支票和一个寻找合适合并候选人的管理团队。</blockquote> The SPAC restrictions at UBS do not extend to SPAC IPO offerings. UBS financial advisers are still able to review these so-called primary SPAC offerings with eligible clients in deals where UBS is an underwriter of the IPO, the person said. (Private banks like UBS typically only offer these deals up to wealthy clients with net worth above a specified level.)<blockquote>瑞银的SPAC限制不适用于SPAC IPO发行。该人士表示，在瑞银担任IPO承销商的交易中，瑞银财务顾问仍然能够与合格客户一起审查这些所谓的主要SPAC发行。（瑞银等私人银行通常只向净资产超过特定水平的富裕客户提供这些交易。）</blockquote> The SPAC restrictions by UBS come as some experts, including&nbsp;former Federal Reserve officials&nbsp;and&nbsp;famed investor Jeremy Grantham, worry the blank-check boom is overdone. US-listed SPACs have already raised more money this year than in all of 2020 — and the year's first quarter hasn't even ended.<blockquote>瑞银对SPAC的限制出台之际，包括前美联储官员和著名投资者杰里米·格兰瑟姆在内的一些专家担心空白支票热潮有些过头。在美国上市的SPAC今年筹集的资金已经超过了2020年全年，而今年第一季度甚至还没有结束。</blockquote> \"If you look at the SPAC market, there's some really attractive new companies and new technologies coming to the market that are financing effectively,\" Rick Rieder, BlackRock's chief investment officer of global fixed income, told CNN Business this week. \"And then there are some that make no sense.\"<blockquote>贝莱德全球固定收益首席投资官里克·里德(Rick Rieder)本周对CNN Business表示：“如果你看看SPAC市场，就会发现一些真正有吸引力的新公司和新技术正在进入市场，并且正在有效融资。”“还有一些是没有意义的。”</blockquote> Rieder expressed concern about how some SPACs will ever be able to grow into the elevated multiples they are garnering. \"You've got to be really selective about where you go and not just jump onto that train because it's gotten crazy,\" he said.<blockquote>里德对一些SPAC如何能够成长为他们所获得的高市盈率表示担忧。“你必须对你要去的地方非常有选择性，而不是因为火车变得疯狂而跳上火车，”他说。</blockquote> Big banks like UBS are cashing in<blockquote>瑞银等大银行正在获利</blockquote> Celebrities including Alex Rodriguez, Jay-Z and Ciara Wilson have all lent their star power to SPACs in recent months.<blockquote>近几个月来，包括A·罗德里格兹、Jay-Z和希亚拉·威尔逊在内的名人都将自己的明星影响力借给了SPAC。</blockquote> The&nbsp;SEC issued a warning&nbsp;last week urging investors not to buy SPACs simply because of a celebrity's involvement. \"Celebrities, like anyone else, can be lured into participating in a risky investment or may be better able to sustain the risk of loss,\" the SEC said.<blockquote>SEC上周发出警告，敦促投资者不要仅仅因为名人的参与就购买SPAC。美国证券交易委员会表示：“名人和其他人一样，可能会被吸引参与高风险投资，或者可能能够更好地承受损失风险。”</blockquote> Big banks, including UBS, are cashing in on the SPAC craze. Investment banks receive fees in exchange for finding buyers for SPAC shares and putting a floor beneath their share price. These fees are not as large as what Wall Street firms make on traditional IPOs, but the sheer volume of SPAC deals have helped make up for that.<blockquote>包括瑞银在内的大银行正在从SPAC热潮中获利。投资银行收取费用，以换取为SPAC股票寻找买家并为其股价设定下限。这些费用没有华尔街公司在传统IPO中赚取的那么多，但SPAC交易量的巨大帮助弥补了这一点。</blockquote> UBS was the primary underwriter, or book runner, on 22 US-listed SPACs last year, sixth among major Wall Street firms, according to Dealogic. The Swiss bank was one of the lead underwriters, along with Citigroup, for&nbsp;Bill Ackman's SPAC, which&nbsp;raised $4 billion&nbsp;last July and is still hunting for a merger candidate. UBS has led another 15 SPACs so far this year, according to Dealogic.<blockquote>Dealogic的数据显示，瑞银去年是22家在美国上市的SPAC的主承销商或账簿管理人，在华尔街主要公司中排名第六。这家瑞士银行与花旗集团一起是比尔·阿克曼(Bill Ackman)的SPAC的主承销商之一，该公司去年7月筹集了40亿美元，目前仍在寻找合并候选人。根据Dealogic的数据，今年迄今为止，瑞银已经领导了另外15家SPAC。</blockquote> UBS is actively hiring in this booming part of the capital markets business. A week ago,the company listed a position on LinkedIn&nbsp;for a New York-based investment banker squarely focused on SPACs.<blockquote>瑞银正在资本市场业务这一蓬勃发展的领域积极招聘。一周前，该公司在LinkedIn上为一位专注于SPAC的纽约投资银行家列出了一个职位。</blockquote> Martin Blessing, the former co-president of UBS Global Wealth Management,reportedly launched a SPAC earlier this week&nbsp;aimed at buying a financial technology company.<blockquote>据报道，瑞银全球财富管理前联席总裁Martin Blessing本周早些时候发起了SPAC，旨在收购一家金融科技公司。</blockquote> It's not clear whether other major banks are imposing similar restrictions. Wells Fargo declined to comment, while representatives from firms including Goldman Sachs, Bank of America and JPMorgan did not respond to inquiries.<blockquote>目前尚不清楚其他主要银行是否也在实施类似的限制。富国银行拒绝置评，而高盛、美国银行和摩根大通等公司的代表也没有回应询问。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://edition.cnn.com/2021/03/18/investing/wall-street-spacs-ubs/index.html\">CNN Business</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UBS":"瑞银",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://edition.cnn.com/2021/03/18/investing/wall-street-spacs-ubs/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134211521","content_text":"New York (CNN Business) - UBS, a major player in the blank-check boom captivating Wall Street, has quietly banned its financial advisers from pitching SPAC stocks to wealth management clients, CNN Business has learned.\nThe restrictions, which haven't been previously reported, highlight the elevated risk of playing in what is one of the hottest corners of finance right now.\nSpecial purpose acquisition companies (SPACs) are shell companies that exist only to take private firms public through reverse mergers. Although these kinds of deals were once frowned upon, SPACs have become all the rage, with major companies including Virgin Galactic,DraftKings and Playboy all going public this way.\nSPACs have raised more than $80 billion so far in 2021, up 2,000% from this point last year, according to Dealogic. The recent involvement of pro athletes, singers and politicians is raising concern among US financial regulators.\nEarlier this month,UBS (UBS) decided its wealth management clients will be allowed to trade SPAC shares only on an unsolicited basis, a person familiar with the matter told CNN Business.\nIn other words, UBS advisers are not permitted to call their wealthy clients to encourage them to buy or sell specific SPACs trading on the open market. Once the newly merged entity has gone public, the UBS advisers will be allowed to pitch the stocks.\nA UBS spokesperson declined to comment.\nThe decision was made, the person familiar with the matter said, because of the limited availability of information and research on SPACs before they merge with private companies.\nSome SPACs 'make no sense'\nIndeed, little is known about SPACs until they determine what company they will target to bring public. SPACs don't have operating businesses, just a blank check and a management team hunting for the right merger candidate.\nThe SPAC restrictions at UBS do not extend to SPAC IPO offerings. UBS financial advisers are still able to review these so-called primary SPAC offerings with eligible clients in deals where UBS is an underwriter of the IPO, the person said. (Private banks like UBS typically only offer these deals up to wealthy clients with net worth above a specified level.)\nThe SPAC restrictions by UBS come as some experts, including former Federal Reserve officials and famed investor Jeremy Grantham, worry the blank-check boom is overdone. US-listed SPACs have already raised more money this year than in all of 2020 — and the year's first quarter hasn't even ended.\n\"If you look at the SPAC market, there's some really attractive new companies and new technologies coming to the market that are financing effectively,\" Rick Rieder, BlackRock's chief investment officer of global fixed income, told CNN Business this week. \"And then there are some that make no sense.\"\nRieder expressed concern about how some SPACs will ever be able to grow into the elevated multiples they are garnering. \"You've got to be really selective about where you go and not just jump onto that train because it's gotten crazy,\" he said.\nBig banks like UBS are cashing in\nCelebrities including Alex Rodriguez, Jay-Z and Ciara Wilson have all lent their star power to SPACs in recent months.\nThe SEC issued a warning last week urging investors not to buy SPACs simply because of a celebrity's involvement. \"Celebrities, like anyone else, can be lured into participating in a risky investment or may be better able to sustain the risk of loss,\" the SEC said.\nBig banks, including UBS, are cashing in on the SPAC craze. Investment banks receive fees in exchange for finding buyers for SPAC shares and putting a floor beneath their share price. These fees are not as large as what Wall Street firms make on traditional IPOs, but the sheer volume of SPAC deals have helped make up for that.\nUBS was the primary underwriter, or book runner, on 22 US-listed SPACs last year, sixth among major Wall Street firms, according to Dealogic. The Swiss bank was one of the lead underwriters, along with Citigroup, for Bill Ackman's SPAC, which raised $4 billion last July and is still hunting for a merger candidate. UBS has led another 15 SPACs so far this year, according to Dealogic.\nUBS is actively hiring in this booming part of the capital markets business. A week ago,the company listed a position on LinkedIn for a New York-based investment banker squarely focused on SPACs.\nMartin Blessing, the former co-president of UBS Global Wealth Management,reportedly launched a SPAC earlier this week aimed at buying a financial technology company.\nIt's not clear whether other major banks are imposing similar restrictions. Wells Fargo declined to comment, while representatives from firms including Goldman Sachs, Bank of America and JPMorgan did not respond to inquiries.","news_type":1,"symbols_score_info":{"UBS":0.9,".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":598,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/327436702"}