B12| Wednesday, October 23, 2019 THE WALL STREET JOURNAL.**
52-Wk %
Stock Sym Hi/Lo Chg
Medicines MDCO 58.48 -0.7
MetroCityBkshs MCBS 13.90 1.5
MidAmApt MAA 137.49 -0.4
MolecularTemp MTEM 9.16 6.6
NRC Wt NRCG.WS 2.73 7.2
NRC Group NRCG 13.11 2.2
NatlHealthInv NHI 85.23 0.1
NatlRetailProp NNN 57.98 -0.2
NatlStorage NSA 35.76 -0.6
NewOrientalEduc EDU 121.40 -7.0
NextEraEnergy NEE 239.89 1.5
NextEraEnergyUn NEEpO 50.93 1.2
Nordson NDSN 153.43 2.0
NorthwestPipe NWPX 29.28 2.6
NovoNordisk NVO 53.80 1.3
NuvESGHYCorpBd NUHY 25.21 -0.1
OpusBank OPB 24.12 1.1
OritaniFinancial ORIT 18.94 0.1
OrmatTech ORA 77.86 0.8
OwensCorning OC 64.81 -0.1
PDF Solutions PDFS 15.56 4.5
PNC Fin PNC 146.88 ...
PPG Ind PPG 125.63 0.5
PPL PPL 33.25 0.3
PSBusinessParks PSB 192.13 -1.1
Paccar PCAR 76.39 4.6
PacificPremBncp PPBI 32.80 1.8
Palomar PLMR 46.68 3.4
PennantPark5.50%Nt PNNTG 25.48 ...
PennyMacFin PFSI 33.46 -0.3
PennyMacMtg PMT 22.89 0.3
Phillips66 PSX 109.83 0.5
Photronics PLAB 11.86 1.9
PotlatchDelt PCH 43.56 1.2
Prologis PLD 91.52 0.2
PublicStoragePfX PSApX 25.59 0.552-Wk %
Stock Sym Hi/Lo Chg
Dover DOV 104.57 0.6
EagleMaterials EXP 96.17 1.5
EaglePharm EGRX 63.45 ...
EasterlyGovtProp DEA 22.23 -0.5
EastGroup EGP 129.15 -0.5
EdwardsLife EW 231.26 -2.3
EnerTransferPfdE ETPpE 25.90 -0.4
EnstarGroup ESGR 195.90 -0.4
EnstarPfdE ESGRO 27.04 0.3
Entegris ENTG 49.51 -2.0
Entergy ETR 119.85 0.3
EquityLife ELS 69.91 -1.4
EquityResdntl EQR 89.12 -0.3
EssentGroup ESNT 53.16 2.0
EssexProp ESS 334.17 -0.5
EversourceEner ES 86.54 -0.3
FS Bancorp FSBW 53.99 0.7
FarmersNatlBanc FMNB 15.21 ...
Fastenal FAST 37.64 1.6
FederalRealty FRT 140.56 0.5
FirstAmerFin FAF 60.63 -0.1
FirstBusFinSvcs FBIZ 25.61 -0.4
FirstCitizBcshA FCNCA 499.00 1.2
FirstDefiance FDEF 31.48 3.1
FirstFinBkshs FFIN 35.86 0.3
FirstHawaiian FHB 28.30 0.8
FirstIndRlty FR 40.59 -0.1
FirstNWBncp FNWB 17.94 -0.3
Flagstar FBC 40.00 -5.1
Freshpet FRPT 53.88 -0.3
GMS GMS 30.98 2.1
GabelliDivPfdH GDVpH 26.78 0.1
GlobalMedREIT GMRE 12.25 -0.3
GraphicPkg GPK 15.88 3.1
GuarantyBcshrs GNTY 32.20 5.6
HCP HCP 37.87 -0.1
HealthcareAmer HTA 30.67 -0.6
HighpowerIntl HPJ 4.80 0.2
HomeStreet HMST 35.44 4.3
Hubbell HUBB 138.00 0.8
JBHunt JBHT 117.55 1.7
IHS Markit INFO 70.82 -1.2
icad ICAD 8.00 4.1
IllinoisToolWks ITW 162.14 1.3
IndepRealty IRT 15.17 -0.5
InMode INMD 30.82 8.2
InvRlEst IRET 78.74 -0.2
InvitatHomes INVH 31.32 -1.1
JPMorganChase JPM 125.10 1.0
JerniganCapPfdB JCAPpB 27.26 1.3
JPMChasePfdEE JPMpC 28.60 0.7
Kadmon KDMN 3.22 -2.9
KennedyWilson KW 23.29 -2.2
KimballIntl B KBAL 20.94 1.7
KimcoRealty KIM 21.44 0.8
KiteRealty KRG 17.37 0.8
Knoll KNL 26.46 1.5
KornitDigital KRNT 34.00 0.3
LTC Properties LTC 52.82 -0.7
LegacyTexasFin LTXB 44.61 0.5
LexingtonRealty LXP 10.76 -0.1
LifeStorage LSI 109.07 -0.9
LimelightNetworks LLNW 4.41 6.8
LouisianaPacific LPX 28.79 3.9
MI Homes MHO 40.32 1.8
MagnaChipSem MX 12.53 -0.3
ManulifeFin MFC 18.90 0.2
Masco MAS 44.52 0.3
MasTec MTZ 68.93 0.6
MedicalProp MPW 20.44 -0.252-Wk %
Stock Sym Hi/Lo Chg
Highs
AG Mortgage PfdC MITTpC 26.16 0.3
Aaron's AAN 77.47 4.1
AgreeRealty ADC 77.41 0.3
AlbertonAcqn ALAC 10.27 0.4
AlexandriaRlEst ARE 158.05 -0.3
AmericaMovil A AMOV 17.30 1.0
AmCampus ACC 50.94 2.3
AmericanFin AFIN 14.77 1.1
AmericoldRealty COLD 38.55 -0.1
AnixterIntl AXE 71.33 2.5
ApartmtInv AIV 55.06 0.1
Apple AAPL 242.20 -0.2
AppliedTherap APLT 16.75 10.0
AquaAmerica WTR 46.79 0.7
AresMgmtPfdA ARESpA 27.95 -0.8
ArmadaHoffler AHH 18.44 -0.2
ArrowheadPharm ARWR 39.25 6.8
Avalonbay AVB 222.87 -0.1
AvitaMedical RCEL 9.75 2.8
BB&T BBT 53.97 ...
BRP DOOO 43.89 0.7
BRT Apartments BRT 17.00 1.4
BancorpNJ BKJ 17.24 -0.5
BankofAmerica BAC 31.37 0.6
BankofAmPfdLL BACpN 25.95 0.5
BioNTech BNTX 20.64 26.8
BlueLinx BXC 34.98 1.6
BoiseCascade BCC 36.16 1.5
Brady BRC 57.12 0.6
Bristol-Myers BMY 57.37 2.3
BrixmorProp BRX 21.20 0.7
BrookfieldPropPfd BPYPP 26.97 0.3
BuildersFirstSrc BLDR 23.50 -1.2
CBIZ CBZ 25.74 2.5
CF Finance CFFA 10.16 ...
CFFinanceAcqn CFFAU 11.49 5.7
CNB FinPA CCNE 32.45 6.7
Cabco GS GYB GYB 22.27 0.8
Caesarstone CSTE 17.85 0.1
CamdenProperty CPT 115.22 -0.6
CapitolFedFin CFFN 14.57 -0.1
Carlyle CG 27.77 -1.6
Celgene CELG 107.41 1.3
CenturyComm CCS 33.55 1.4
ClearwayEnergyC CWEN 20.29 0.1
Coca-Cola Euro CCEP 58.94 -0.7
Colfax CFX 31.65 2.3
CollectorsUniv CLCT 29.97 -1.0
ColumbiaFin CLBK 16.50 0.3
ConstellPharm CNST 15.10 1.4
Constellium CSTM 14.79 1.2
Copart CPRT 84.90 -0.6
Corts PECO KTH KTH 33.64 0.1
Cosan CZZ 16.81 -0.4
Costamare CMRE 7.07 3.1
CypressEnergy CELP 9.85 5.5
CypressSemi CY 23.49 ...
DD3Acquisition DDMX 10.17 0.2
Deere DE 176.39 0.6
DiamondEagle DEACU 10.30 0.7
DigitalRealtyPfJ DLRpJ 26.69 0.4
DigitalRealty DLR 135.11 0.4
DollarGeneral DG 166.65 0.9
DollarTree DLTR 119.71 1.5
DominionEner D 83.23 0.5
DominionEnerUn DCUE 107.57 0.4
DovaPharm DOVA 28.49 -0.6
Tuesday, October 22, 2019New Highs and Lows | WSJ.com/newhighs
LionsGate A LGF.A 8.28 2.6
LuokungTech LKCO 1.46-16.3
MagalSec MAGS 3.80 -3.6
MammothEnergy TUSK 1.84 -1.5
MarathonPatent MARA 1.12-18.8
Medallia MDLA 24.24 -7.8
MedleyCapital MCC 2.06 -1.9
MirumPharm MIRM 7.36 -5.0
MitchamIndustries MIND 2.34 -4.4
NanoDimension NNDM 2.15-18.7
O2MicroIntl OIIM 1.16 2.5
PDC Energy PDCE 20.46 0.5
Pareteum TEUM 0.29-59.5
Peloton PTON 20.93 -4.9
PivotalInvII PIC 9.72 0.2
PolarityTE PTE 2.51 1.8
PredictiveOncology POAI 0.35 2.4
PriorityTechn PRTH 3.83-11.5
Pulmatrix PULM 0.61 0.6QEP Resources QEP 2.58 3.3
ReconTech RCON 0.61 3.6
Reed's REED 0.69 -3.6
RegalwdGlbEnWt RWGE.WS 0.40-11.1
Revolve RVLV 20.50 -6.6
RigNet RNET 5.83 -3.6
SM Energy SM 6.85 4.3
SenmiaoTech AIHS 0.27-14.3
SharpSpring SHSP 8.26 -5.7
SigmaLabs SGLB 0.48-16.4
SlackTech WORK 20.91 -6.9
SophirisBio SPHS 0.34 2.1
Spherix SPEX 1.20-15.5
StrongbridgeBio SBBP 1.87 -0.5
SundialGrowers SNDL 3.65 -2.3
SuperLeagueGam SLGG 3.04 -9.7
SuperCom SPCB 0.59 -0.7
TarenaIntl TEDU 0.80 -8.2TargetHosp TH 5.48 -4.7
Teradata TDC 27.95 -1.9
TileShop TTS 1.00-66.3
TitanMedical TMDI 0.49 -1.7
ToughBuiltWt TBLTW 0.01-69.6
TransEnterix TRXC 0.25-10.8
TransGlobeEner TGA 1.23 -0.8
TrinityBiotech TRIB 0.74 -3.9
USWellServicesA USWS 1.75 -7.6
Unit UNT 2.30 3.1
UnvlSecInstr UUU 0.75 -7.4
UnumTherapeutics UMRX 1.24 -6.4
VertexEnergy VTNR 0.98 -5.5
Viacom A VIA 24.08 -2.1
Viacom B VIAB 21.52 -0.3
Waitr WTRH 0.51 1.4
XFinancial XYF 1.82 -5.2
Yunji YJ 4.84 2.4
Zovio ZVO 1.40 -6.5EstreAmbiental ESTR 0.24-16.6
ExelaTech XELA 0.80 -9.3
Farfetch FTCH 7.59 -3.3
ForumEnergyTech FET 1.23 -3.1
FulcrumTherap FULC 4.37 15.9
GTY Tech GTYH 4.53 -1.2
GossamerBio GOSS 14.49 6.0
GreenproCap GRNQ 0.72 -1.5
HermitageOffsh PSV 0.93 -7.7
Hexindai HX 1.02 ...
IndependenceContr ICD 0.76 -8.9
InVivoTherap NVIV 0.35-22.4
ItauCorpBanca ITCB 9.69 -0.9
KalaPharm KALA 3.24 6.8
KingoldJewelry KGJI 2.67-11.0
LAIX LAIX 3.06 -2.5
Lightbridge LTBR 4.61 -3.6
LionsGate B LGF.B 7.83 3.0cbdMD PfdA YCBDpA 8.80 -2.2
Celyad CYAD 8.10 -9.2
Check-Cap CHEK 1.55 -2.3
Chimerix CMRX 1.33 -8.2
CocrystalPharma COCP 0.98 -4.2
CerveceriasUnid CCU 21.01 -1.3
CoolHldgs AWSM 0.42-23.8
Covetrus CVET 8.16 -6.5
CrowdStrike CRWD 44.58 -2.5
Datadog DDOG 28.01 -6.6
DelTaco TACO 7.96-17.3
DelTacoWt TACOW 0.13-52.3
DestMaternity DEST 0.15-12.8
Dynatronics DYNT 0.85 -1.3
ENDRA LifeWt NDRAW 0.15-32.0
EnLinkMid ENLC 6.63 2.2
Enservco ENSV 0.15 -1.3
Espey ESP 21.06 -4.2TwelveSeasInvt BROGU 11.25 1.4
UDR UDR 50.21 -0.9
US BancorpPfdB USBpH 22.08 -0.1
USCellularNts64 UZC 27.21 1.6
UtdCmtyFnl UCFC 11.42 2.5
UniversalHealth UHT 111.45 -0.5
UrstadtProp A UBA 24.54 -0.4
VF VFC 93.88 -0.3
VICI Prop VICI 23.65 0.5
ValleyNatlBncp VLY 11.77 -0.1
VectoIQAcqn VTIQ 10.33 1.0
ViaviSolutions VIAV 15.26 0.9
VinceHolding VNCE 22.98 -1.9
Vipshop VIPS 9.90 -1.1
W.P.Carey WPC 93.62 ...
Walker&Dunlop WD 61.44 -0.3
Watsco WSO 178.29 1.4
Welltower WELL 93.17 -0.3
WernerEnterprises WERN 37.81 2.3
WestamericaBncp WABC 66.59 1.0
WesternUnion WU 24.47 -0.5
Weyerhaeuser WY 29.25 1.4
Williams-Sonoma WSM 71.63 1.0
Winnebago WGO 43.01 1.0
Zumiez ZUMZ 34.12 3.1
Zymeworks ZYME 31.27 0.2
Lows
AberdIncmCrRt ACPr 0.11 12.5
AdaptiveBiotech ADPT 25.00 -3.3
AileronTherap ALRN 0.40 10.2
Andersons ANDE 17.40 2.6
ApproachRscs AREX 0.10 -8.1
Athenex ATNX 8.82 19.8
B&G Foods BGS 15.72 1.1
BloomEnergy BE 2.68 -7.1
BrickellBiotech BBI 3.75 -7.7
Bsquare BSQR 1.08 -2.5
CBS A CBS.A 40.00 -2.2
CBS B CBS 35.76 ...
CallonPetrol CPE 3.69 2.7
CamberEnergy CEI 0.11 -7.3
CapstoneTurbine CPST 2.35-11.0
CastleBiosci CSTL 16.09-11.8PulteGroup PHM 39.64 3.2
QuantaServices PWR 41.08 0.8
QwestNts2053 CTY 25.00 0.4
QwestNts2057 CTDD 25.92 0.7
RH RH 186.85 0.1
RLJLodgingPfdA RLJpA 27.55 0.1
RPM RPM 71.33 0.8
RPTRealty7.25%PfdD RPTpD 56.83 0.8
RadianGroup RDN 25.08 1.8
Raytheon RTN 207.48 1.2
RealtyIncome O 80.47 -0.3
RecroPharma REPH 13.47 -3.9
RegalwdGlbEner RWGE 10.65 -0.3
Regis RGS 22.43 3.7
RetailOppor ROIC 18.99 0.2
RetailPropofAmer RPAI 13.42 1.0
RexfordIndlRealty REXR 47.09 -0.7
RitchieBros RBA 40.78 0.4
RoyalBkCanada RY 82.58 -0.4
SC Health SCPE 10.25 1.4
SITE Centers SITC 15.59 1.9
SJW Group SJW 73.85 0.7
SP Plus SP 39.64 0.4
StoreCapital STOR 38.77 -0.4
SabraHealthcare SBRA 23.93 -0.7
SherwinWilliams SHW 578.36 3.0
ShipFinance SFL 15.10 -0.3
SimpsonMfg SSD 73.83 0.4
SpartanMotors SPAR 15.23 2.4
SpiritRealtyCap SRC 49.53 -0.4
SterlingCnstr STRL 16.93 0.3
StevenMadden SHOO 37.09 1.4
StifelFinlPfdB SFpB 27.85 0.1
SunComms SUI 157.35 -0.7
SunLifeFinancial SLF 45.42 -0.1
SunstoneHotelPfF SHOpF 28.00 -0.1
TAL Education TAL 40.11 -3.0
TFS Fin TFSL 18.99 0.3
TKK Symphony TKKS 10.30 ...
Target TGT 114.83 -0.4
TeekayOffshorePf TOOpA 21.70 3.4
Trex TREX 93.63 -2.1
TwelveSeasWt BROGW 0.58 22.6
TwelveSeasInvt BROG 10.75 0.7
TwelveSeasRt BROGR 0.59 31.152-Wk %
Stock Sym Hi/Lo Chg
52-Wk %
Stock Sym Hi/Lo Chg
52-Wk %
Stock Sym Hi/Lo Chg
52-Wk %
Stock Sym Hi/Lo Chg
52-Wk %
Stock Sym Hi/Lo Chg
52-Wk %
Stock Sym Hi/Lo Chg
52-Wk %
Stock Sym Hi/Lo ChgThe following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
in the latest session. % CHG -Daily percentage change from the previous trading session.Dividend Changes
Dividend announcements from October 22.
Amount Payable /
Company Symbol Yld % New/Old Frq RecordAmount Payable /
Company Symbol Yld % New/Old Frq Record
Increased
Cross Timbers Royalty Tr CRT 11.9.0756 /.04886 M Nov15 /Oct31
Mesa Royalty Trust MTR 13.4.0369 /.03432 M Jan31 /Oct31
Reduced
Permian Basin Royalty Tr PBT 11.1.0277 /.04001 M Nov15 /Oct31
Permianville Royalty Tr PVL 13.4 .019 /.044 M Nov14 /Oct31
PermRock Royalty Trust PRT 13.4.0408 /.07001 M Nov15 /Oct31
Stocks
Capstone Turbine CPST 1:10 /Oct22
Kingold Jewelry KGJI 1:6 /Oct22
Foreign
Enerplus ERF 1.4 .0076 M Nov15 /Oct31
Teekay LNG Ptnrs un TGP 5.0 .19 Q Nov14 /Nov01
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and
ratio; SO: spin-off.Borrowing Benchmarks | WSJ.com/bonds
Money Rates October 22, 2019
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.Inflation
Sept. index Chg From (%)
level Aug. '19 Sept. '18
U.S. consumer price index
All items 256.759 0.08 1.7
Core 264.522 0.13 2.4International rates
Week 52-Week
Latest ago High Low
Prime rates
U.S. 5.00 5.00 5.50 5.00
Canada 3.95 3.95 3.95 3.70
Japan 1.475 1.475 1.475 1.475
Policy Rates
Euro zone 0.00 0.00 0.00 0.00
Switzerland 0.50 0.50 0.50 0.50
Britain 0.75 0.75 0.75 0.75
Australia 0.75 0.75 1.50 0.75
Overnight repurchase
U.S. 1.87 1.89 3.40 1.86U.S. government rates
Discount
2.50 2.50 3.00 2.50
Federal funds
Effective rate 1.8400 1.8800 2.4800 1.8100Notes on data:
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective September 19, 2019. Other prime rates aren’t directly comparable; lending practices
vary widely by location; Discount rate is effective September 19, 2019. DTCC GCF Repo Index is
Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value
traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
Tullett Prebon Information, Ltd.High 1.9000 1.9500 3.0000 1.8500
Low 1.7000 1.7000 2.4400 1.5000
Bid 1.7800 1.7800 2.4400 1.7200
Offer 1.8000 1.8200 2.5000 1.7800
Treasury bill auction
4 weeks 1.720 1.720 2.470 1.720
13 weeks 1.630 1.640 2.465 1.630
26 weeks 1.600 1.620 2.505 1.600
Secondary market
Fannie Mae
30-year mortgage yields
30 days 3.349 3.246 4.607 2.871
60 days 3.362 3.262 4.632 2.890
Other short-term rates
Week 52-Week
Latest ago high low
Call money
3.75 3.75 4.25 3.75Week —52-WEEK—
Latest ago High Low
Commercial paper (AA financial)
90 days 1.81 n.a. 2.80 1.81Libor
One month 1.82175 1.88913 2.52238 1.82175
Three month 1.93600 2.00213 2.82375 1.93400
Six month 1.93250 1.97725 2.90788 1.93250
One year 1.96725 1.97413 3.14413 1.85313Euro Libor
One month -0.496 -0.503 -0.403 -0.522
Three month -0.430 -0.435 -0.324 -0.482
Six month -0.403 -0.406 -0.288 -0.474
One year -0.314 -0.335 -0.159 -0.428
Value 52-Week
Latest Traded High Low
DTCC GCF Repo Index
Treasury 1.914 34.800 6.007 1.869
MBS 1.938 56.200 6.699 1.871Week —52-WEEK—
Latest ago High LowBill Daley, the former White
House chief of staff, has left
his post at Bank of New York
Mellon Corp. less than five
months after the bank an-
nounced his arrival.
Mr. Daley said Tuesday he
made the decision after his
former boss, BNY Mellon CEO
Charles Scharf, departed to
take the same job at Wells
Fargo & Co. Messrs. Daley and
Scharf had previously worked
together at JPMorgan Chase &
Co., and the CEO had brought
on his former colleague to
oversee BNY Mellon’s govern-
ment-affairs and communica-
tions functions.
With Mr. Scharf’s exit this
month, “I knew I wasn’t going
to stay,” he said.
“Bill Daley’s departure was
expected as Bill joined us a
few months ago largely as an
adviser to Charlie,” a BNY
Mellon spokeswoman said.
“We parted amicably and wish
him well.”
Mr. Daley, whose last day
was Friday, has served two
former presidents—as com-
merce secretary to President
Clinton and chief of staff to
President Obama.
Unlike his father and
brother, both former mayors
who ran Chicago for decades,
Bill Daley spent most of his
career in private industries,
including banking and tele-
communications.
He joined JPMorgan in
2004 as vice chairman and
Midwest chairman.
The bank merged with Chi-
cago’s Bank One Corp. that
same year, adding its future
CEO, James Dimon, along with
Mr. Scharf.
Mr. Scharf left to take the
CEO post at Visa Inc., then
moved to BNY Mellon in 2017.
Mr. Daley, who lost his own
bid for Chicago mayor this
year, reunited with Mr. Scharf
at BNY Mellon in June.BYJUSTINBAERBill Daley
Exits Post
At BNY
Mellon
The former White House aideMARK BLACK/CHICAGO SUN-TIMES/ASSOCIATED PRESSBANKING & FINANCE
how many roles are being cut.
To help counteract pressure
on its banking margins, UBS
previously said it would
charge its wealthiest clients to
hold deposits above 2 million
Swiss francs ($2.03 million)
starting Nov. 1.
Net profit for the quarter
was $1.05 billion, down 16%
from $1.25 billion in the third
quarter of 2018, beating ana-
lysts’ expectations.
In addition, UBS will elimi-
nate some fees on investment
accounts sold through its own
U.S. financial advisers, opening
a new front in the price war
that has shaken up the money-
management industry.The Swiss bank’s invest-
ment-management business
will stop charging UBS wealth
clients fees on separately man-
aged accounts in January, ex-
ecutives Suni Harford and Tom
Naratil wrote in a memo to
employees. Clients of those ac-
counts will still pay a fee to
the firm’s wealth adviser.
“Our financial advisers will
now be in an even better posi-
tion to successfully compete
for business, grow their prac-
tices and deliver for clients,”
wrote Ms. Harford, president
of asset management, and Mr.
Naratil, co-president of global
wealth management.
In an interview, Mr. Naratilsaid he believed UBS was the
first firm to eliminate the fee
that clients pay asset manag-
ers to oversee separately man-
aged accounts.
Today, clients pay roughly
1% in fees on those accounts,
with almost one-third of that
going back to the asset man-
ager overseeing the portfolio.
The financial adviser gets the
rest.
Under the new pricing plan,
UBS said, account holders
wouldn’t pay the asset man-
ager anything unless they
signed up for premium ser-
vices, such as personalized tax
management.
Asset managers won’t beworking free of charge; instead
of being paid by the client,
they will receive a fee from the
wealth manager based on the
amount of assets they manage.
“This makes it clear: The
premium is still on financial
advisers,” Mr. Naratil said.
“Asset management really pro-
vides the tools.”
Mr. Naratil said UBS will of-
fer the same fee structure to
non-UBS asset managers sell-
ing accounts on its platform,
starting in mid-2020.
UBS started waiving man-
agement fees on some stock
investments in July.
—Justin Baer
contributed to this article.UBS Group AG said it would
weather tougher banking con-
ditions by tightening up the
focus of its investment bank
and charging large clients for
deposits, as it posted a fall in
third-quarter profit.
The Swiss bank, one of the
world’s largest wealth manag-
ers for the rich, said it would
take a $100 million restructur-
ing charge to carry out organi-
zational changes to its invest-
ment bank. Shedding jobs will
save around $90 million a
year, Chief Executive Sergio
Ermotti said. He didn’t say
BYMARGOTPATRICK
ANDPIETROLOMBARDI
UBS to Revamp Investment Bank
spill over into the broader
market. Still, he said, it is dif-
ficult to know for sure be-
cause “you have too many yel-
low signs, warning signs,
around.”
The rise in yields on low, or
triple-C rated, corporate
bonds isn’t the only trend
worrying debt investors.
Stress in high-yield bonds
can be explained partly by
problems in the energy sector,
which makes up the largest
portion of the market.
But the trend is basically
the same in the speculative-
grade loan market, which is
more heavily weighted towardother sectors, such as health
care and technology.
There, the extra yield that
investors demand above the
benchmark London interbank
offered rate has been climbing
since June for triple-C loans
while remaining steady for
higher-rated single-B and dou-
ble-B loans.
Meanwhile, the number of
loans downgraded by S&P
Global Ratings has outpaced
upgrades over the past three
months by the largest amount
in a decade.
Default rates have started
to edge higher, though they
remain well below their levelseven from a few years ago.
The unusual condition of
this year’s corporate-debt
market is evident in the re-
turns generated by different
rating tiers, including price
gains and coupon payments.
Over the past two decades,
triple-C bonds have been the
best-performing subsector of
the Bloomberg Barclays high-
yield index in the nine full
years when the index returned
at least 6%.
This year, the overall index
has returned 11.7%.
Triple-C bonds, which offer
the largest coupons, have re-
turned 5.8%, compared with12% for single-B bonds and
13.3% for the double-B bonds,
according to Bloomberg Bar-
clays data.
Some investors say there
are likely reasons why seem-
ingly disparate challenges fac-
ing varied businesses have be-
come more pronounced at
roughly the same time.
One is the high, and often
rising, level of debt carried by
businesses, which makes it
difficult for them to overcome
problems.
Another is the recent slow-
down in economic growth,
which likely exacerbates those
problems.“There are specific names
and specific subsectors where
things are not working,” said
Oleg Melentyev, a credit strat-
egist at Bank of America Corp.
Mr. Melentyev doesn’t
think the problems facing the
lowest-rated businesses will
Continued from page B1
Low-Rated
Companies
Face Stress
publicly traded companies and
shared it with traders.
Ms. Windsor, who worked
at Centerview until her termi-
nation around 2016, and Mr.
Taylor, a Moelis employee
from 2010 to 2014, remain at
large. Prosecutors said Ms.
Windsor was living in Thai-
land, while Mr. Taylor was liv-
ing in France.
Others charged in related
cases include a vice president
at Goldman Sachs Group Inc.,
who prosecutors allege passed
confidential information to a
trader; a London-based securi-
ties trader accused of profit-
ing off information supplied
by Ms. Windsor and Mr. Tay-
lor; and a Greek businessman
and the son of a pharmaceuti-
cal executive, who were ac-
cused of profiting off stolen
information.
The Securities and Ex-
change Commission filed a
civil complaint Tuesday
against Mr. Taylor, Ms. Wind-
sor and the London-based se-
curities trader. Prosecutors
said the Federal Bureau of In-
vestigation’s probe is ongoing.
The bulk of prosecutors’
Continued from page B1
charges appeared to revolve
around the alleged actions be-
tween 2012 and 2015 of Ms.
Windsor and Mr. Taylor, who
were charged in a 40-count in-
dictment unsealed Monday but
first described by prosecutors
on Tuesday.
In an October 2012 email
quoted in the indictment, Ms.
Windsor wrote to Mr. Taylor
with the subject line: “Once
upon a time, there was a Pops
searching for Truffles in the
Forest...” Attached to theemail was confidential infor-
mation from Centerview re-
lated to a client, Onyx Phar-
maceuticals Inc., which Ms.
Windsor took from the bank’s
computer system, prosecutors
said.
Prosecutors said Ms. Wind-
sor and Mr. Taylor sold infor-
mation on about 16 different
corporate transactions to mid-
dlemen, all related to compa-
nies listed on U.S. exchanges.
The middlemen relayed the in-
formation to traders in theU.K. and Switzerland, who
took in tens of millions of dol-
lars in illicit profits.
In one instance outlined in
the indictment, a securities
trader in Switzerland who re-
ceived information from the
middlemen leaked that infor-
mation to journalists, with the
aim of having them publish
news articles that could influ-
ence stock prices.
In two examples included in
the indictment, the trader al-
legedly reaped more than $1.2million through trades pegged
to articles based on informa-
tion he leaked.
No journalists were charged
in the investigation, and no
news organizations were
named in the indictments.
Even after Mr. Taylor left
Moelis, he kept receiving non-
public information from insid-
ers, prosecutors alleged.
Spokespeople for both Moe-
lis and Centerview called Mr.
Taylor and Ms. Windsor junior
employees. The banks said
they were cooperating with
authorities.
Joseph El-Khouri, the Lon-
don-based securities trader,
was charged in a separate in-
dictment with paying a mid-
dleman in exchange for infor-
mation allegedly stolen by Mr.
Taylor and Ms. Windsor.
In one case prosecutors
said was related, Bryan Cohen,
a vice president at Goldman
Sachs, was charged in an in-
dictment unsealed last week
with conspiracy to commit se-
curities fraud and conspiracy
to commit mail fraud. Prosecu-
tors allege Mr. Cohen passed
nonpublic information from
the bank to a trader in Swit-
zerland between 2015 and- Mr. Cohen was arrested
Friday in Manhattan and re-
leased on bond. He pleaded
not guilty in federal court
Tuesday, his lawyer said, add-
ing they were reviewing the
charges.
—Margot Patrick
contributed to this article.
Bankers
Charged
In Scheme
Bryan Cohen, a Goldman Sachs vice president, left court in Manhattan on Tuesday. He pleaded not
guilty to conspiracy charges tied to a London couple who allegedly stole confidential bank information.MARK KAUZLARICH/BLOOMBERG NEWS