State Street replaces UBS as custodian bank for Swiss government fund

ZURICH, July 3 (Reuters) – U.S. bank State Street (STT.N), opens new tab has won a mandate to act as custodian bank for a multibillion-dollar compensation fund of the Swiss federal government that was previously at UBS (UBSG.S), opens new tab, authorities said on Wednesday.

The decision to hand the AHV/IV/EO fund to State Street was made in December after a two-year tender process and the transfer should be completed by the end of this year, according to Compenswiss, a federal body managing the public pension fund.