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U.S. bank State Street 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, 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. The fund is worth more than 40 billion Swiss francs ($44.48 billion), and according to Swiss newspaper Tages-Anzeiger had been with UBS for 26 years.
UBS Group (UBS) completes the merger between UBS Switzerland AG and Credit Suisse (Schweiz) AG. This aligns with UBS' strategy to strengthen its market presence in competitive regions.