Archive: https://archive.is/2025.03.13-113048/https://www.bloomberg.com/news/articles/2025-03-13/swiss-keep-state-street-for-pensions-dismissing-trump-fears

State Street Corp. will remain custodian of a 46 billion-franc ($52 billion) Swiss pension hoard after lawmakers rejected a bid to reassert domestic control as a guard against US strong-arming of the country.

The lower house in Bern voted 98-89 on Thursday in favor of preserving the Boston-based bank’s mandate for the social security funds. The majority dismissed fearsthat the administration of US President Donald Trump could order State Street to withhold payments as a bargaining chip to pressure Switzerland.

The outcome is a victory for the bank after recent setbacks in other European countries over its climate-change policy. It means state agency Compenswiss, which oversees the fund, won’t need to rerun a tender process completed in late 2023 that ended UBS Group AG’s quarter-century mandate.

  • misk@sopuli.xyzOP
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    1 day ago

    I believe you might have come to that opinion based on the news title alone, without realising State Street is a US custodian bank.