National Financial Services Customers Have 60 Days To Transfer GPB Investments
Five months after announcing that investors of GPB Capital Holdings private placements would no longer be carrying these alternative investments (AI) on its platform, National Financial Services (NFS) is sending letters to customers notifying them that they have 60 days after January 14, 2020, to transfer their GPB Holdings II securities.
The GPB Holdings II securities must be transferred to another custodian broker or their alternative investment (AI) positions will be registered directly in their name. This is one of the larger GPB private placement funds that, as of June, had reported a 25.4% drop in value. National Financial Services (NFS) is a Fidelity Investments clearing and custody unit.