On July 4th, Glonhu reported that State Street, a US bank, won the authorization to manage the Swiss federal government's multi-billion dollar compensation fund, which was previously managed by UBS Group. Compenswiss, the Swiss Federal Public Retirement Fund Management Agency, indicated that after two years of bidding procedures, they decided to transfer the AHV/IV/EO fund to State Street in December 2020, and the transfer work should be completed by the end of this year. According to Swiss media Tages-Anzeiger, this fund is worth more than 40 billion Swiss francs (approximately 44.48 billion US dollars) and has worked with UBS for 26 years. Compenswiss stated in a statement that the trustee bank does not manage the compensation fund but only performs purely administrative duties.