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Investing.com -- State Street Corp (NYSE:STT). will continue as the custodian of a $52 billion Swiss pension fund, as lawmakers voted against a proposal to reestablish domestic control. The vote was an attempt to safeguard against potential U.S. intervention.
The decision was made in the lower house in Bern, where lawmakers voted 98-89 on Thursday to keep the Boston-based bank’s mandate for the social security funds. The majority dismissed concerns that U.S. President Donald Trump’s administration could instruct State Street to withhold payments as a means to pressure Switzerland.
This decision is a win for State Street, following recent difficulties in other European countries related to its climate-change policy. The result means that the state agency Compenswiss, which manages the fund, won’t have to repeat a tender process that was finished in late 2023. This process had concluded UBS Group AG (NYSE:UBS)’s 25-year mandate.
The vote was in line with the advice of the Swiss government. The government had cautioned that revoking State Street’s contract within the first five years would result in significant additional costs.
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