DOL Grants UBS Pass for Retirement Fund Management Until 2035

The Labor Department granted an exemption to allow asset managers under the Swiss-based UBS Group AG to continue managing retirement assets until May 2035, with certain conditions.

The Employee Benefits Security Administration issued a notice of the exemptionon Friday, which extends UBS’s status as a qualified professional asset manager. QPAMs are considered the gold standard for 401(k) asset managers and are protected from being held legally responsible for various prohibited transactions under the Employee Retirement Income Security Act.

The agency amended its original February proposal based on feedback and requests from UBS, which included extending the exemption from 2031 ...