UBS Would Get Retirement Fund Management Pass Under DOL Proposal

The Labor Department is considering granting an exemption that would allow entities under the Swiss-based UBS Group AG to manage retirement assets until May 2031, following multiple convictions in the United States and Europe.

The proposalissuedWednesday from the Employee Benefits Security Administration discussed UBS’s bid to extend its soon-expiring status as a qualified professional asset manager, which is the gold standard for asset managers in the 401(k) market.

QPAMs are protected from being held legally responsible for numerous prohibited transactions under the Employee Retirement Income Security Act.

UBS and Credit Suisse, which UBS acquired in 2023, were found ...