By Stefania Spezzati
THE U.S. Department of Labor granted UBS a waiver the Swiss bank needs to continue managing U.S. retirement plans after a paperwork error had put the $11 billion of assets the lender oversees at risk, documents show.
After a five-month review, the U.S. agency said in a notice published on Wednesday that UBS can now rely on its status of qualified professional asset manager in the U.S. until June 2029.