The concerns, which the brokers said were based on their own views and feedback from clients, included allegations the funds suffered from low liquidity, excessive leverage, oversupply and instability. They were wary, in part, because many of the funds were loaded up with debt of the Puerto Rican government and related entities that was underwritten by UBS, the people said. Their views were unacceptable to Miguel Ferrer, then the chairman of UBS Financial Services Inc of Puerto Rico, a unit of UBS AG.