The Managed High Yield Plus Fund Inc. Board of Directors approved a proposal to liquidate the fund in 2016, based on the recommendation of UBS Global Asset Management (Americas) Inc., which is the fund's manager.
According to the Board, UBS' recommendation for liquidation and dissolution of the fund comprises three stages: first, the Board's approval, which has already occurred; second, shareholder approval, which is expected during a special meeting of the fund in April 2016; and third, the actual liquidation and dissolution of the fund, which the Board states will occur as soon as "reasonably practicable," but no later than December 31, 2016.
UBS Asset Management's Closed-End Funds Desk points out investing in the Managed High Yield Plus Fund carries several risks, such as interest rate and credit risk, and the greater risk associated with use of leverage.
The 17-year old fund on the New York Stock Exchange dropped to $1.59-per-share earlier this month for the first time since opening at $15-per-share in 1998.
If you have invested in the UBS Managed High Yield Plus Fund or with any broker, financial adviser or firm in a similar fund facing liquidation, dissolution or other action harmful to your investments or interests, and your broker, adviser or firm's investment in such a product was unsuitable due to undisclosed or misleading information concerning risk, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.
News: Managed High Yield Plus Fund, Inc. - Announces Board Approval of Liquidation (Business Wire)