This could be issue how things are installed. Recommend doing the following.
1. Down load ALM Uninstaller ( See HP Document [KM1400068] for download )
2. Unizip ALM Uninstaller
3. Run ALM Uninstaller as Administrator.
4. Select 'Full Cleanup' Check box
5. Run ALM Uninstaller.
6. Close ALM Uninstaller
7. Start IE as Admin
8. Go to Tools >Internet Options >Under Browsing History,
9. Click Settings
10. Under Check for newer versions of stored pages, select Every time I visit the webpage
11. Log into ALM.
12. Go to the Addins page on ALM
13. Run the Register Client.
14. Log out of ALM
15. Close IE
16. Start UFT as Admin
17. Log into ALM from UFT
18. Close UFT
Start UFT as normal.