{"id":7271,"date":"2019-07-25T15:23:39","date_gmt":"2019-07-25T20:23:39","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=7271"},"modified":"2019-07-25T15:23:39","modified_gmt":"2019-07-25T20:23:39","slug":"fidelitys-national-financial-services-orders-gpb-private-placements-removed","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/fidelitys-national-financial-services-orders-gpb-private-placements-removed\/","title":{"rendered":"Fidelity\u2019s National Financial Services Orders GPB Private Placements Removed"},"content":{"rendered":"<p>\t\t\t\tNational Financial Services, which is Fidelity Investments&#8217; clearing and custody unit, has given its brokerage firm clients 90 days to get rid of all <a href=\"https:\/\/www.investorlawyers.com\/?s=gpb+capital+holdings\" target=\"_blank\" rel=\"noopener noreferrer\">GPB Capital Holdings <\/a>private placements from its platform. The announcement means that investors and their financial advisers will have to move their GPB fund assets to a different custodial firm. Considering that there are a lot of broker-dealers who use National Financial as their primary custodial firm and to clear the investments of clients, the decision is likely to impact a lot of parties.<\/p>\n<p>A main reason for the edict is that, reportedly, neither Fidelity nor National Financial are clear about the actual value of the GPB private placements. Third-party vendors typically provide this information. According to <em>InvestmentNews<\/em>, Fidelity spokesperson Nicole Abbott said that at the moment GPB is not meeting her company\u2019s policy regarding alternative investments.<\/p>\n<p><strong>In Trouble with Investors and Regulators<\/strong><\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/fidelitys-national-financial-services-orders-gpb-private-placements-removed\/\"  title=\"Continue Reading Fidelity\u2019s National Financial Services Orders GPB Private Placements Removed\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>National Financial Services, which is Fidelity Investments&#8217; clearing and custody unit, has given its brokerage firm clients 90 days to get rid of all GPB Capital Holdings private placements from its platform. The announcement means that investors and their financial advisers will have to move their GPB fund assets to a different custodial firm. Considering [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":449,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3772],"tags":[4113,3188,4114],"class_list":["post-7271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broker-fraud","category-private-placements","tag-fidelity-investments","tag-gpb-capital-holdings","tag-national-financial-services"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fidelity\u2019s National Financial Services Orders GPB Private Placements Removed &#8212; Investor Lawyers Blog &#8212; July 25, 2019<\/title>\n<meta name=\"description\" content=\"National Financial Services, Fidelity Investments&#039; clearing and custody unit, has given orders to get rid of all GPB Capital Holdings private placements.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/fidelitys-national-financial-services-orders-gpb-private-placements-removed\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Fidelity\u2019s National Financial Services Orders GPB Private Placements Removed &#8212; 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