UBS adds two indies to long-standing MMF board

UBS board veterans Virginia Breen and ex-World Bank president David Malpass join UBS Series Fund whose most recent member was appointed in 2005

The board of the UBS Series Funds appointed two familiar faces as it expands the board overseeing the UBS money market funds and PACE family of mutual funds.

The addition of Virginia Breen, 59,  and David Malpass, 67, who were appointed in July, expanded the all-independent board from four members to six, according to an SEC filing dated Aug. 9. Breen and Malpass bring an injection of new blood to a group whose newest members were appointed in 2005. Only one of the four is younger than 75, though, but the board does not have a mandatory retirement policy,

The board’s other trustees include Richard Burt, 76; Bernard Garil, 83; Heather Higgins, 63; and chair Alan Bernikow, 82.

Breen and Malpass are comparatively new to the UBS Series board, but both have experience on the boards of other UBS fund complexes  –  a list that includes UBS Series Funds, UBS A&Q funds, and the UBS Funds  –  whose board oversees around a dozen mutual funds.

Breen is a private investor who has served since 2008 on the board overseeing three UBS A&Q  funds-of-funds and holds seats on the boards of several other fund complexes that employ UBS Asset Management as an investment adviser or manager.

She holds seats on the boards of funds within the Calamos and Neuberger Berman fund families. She’s been a member of the board of Paylocity Holding Corp. since 2018 and recently held board positions at JLL Income Property Trust, Inc., a real estate investment trust, and Tech and Energy Transition Corp., a special-purpose acquisition company.

She was a partner and co-founder of private equity firm Blue Rock Capital from 1995 to 2011. She was a partner at Sprout Group, the venture capital affiliate of Donaldson, Lufkin & Jenrette (now Credit Suisse), from 1988 to 1995.

Malpass, who retired as president of the World Bank Group in June, held seats on UBS Series Fund boards from 2014 until 2017, when he resigned to take a public-service job as undersecretary for international affairs at the U.S. Treasury Dept.

Before 2014, Malpass was president of economic research and consulting firm Encima Global, LLC, which he founded in 2008. He also served as chief economist and senior managing director of Bear, Stearns & Co. from 1993 to 2008.

Before joining Bear Stearns, Malpass spent nine years in the public sector, including stints working on the staff of the U.S. Senate Budget Committee and at the U.S. Departments of State and Treasury.

The funds’ CCO is Leesa Merrill.

The UBS Series Fund board oversees 38 funds and has an audit committee and a nominating and corporate governance committee. Breen is now the chair of the audit committee, replacing Bernikow. Each independent trustee receives an annual retainer of $255,000. The board chair receives an additional $75,000 bonus, while the chairs of the audit committee and nominating and corporate governance committee receive an additional $35,000 and $25,000 bonus, respectively. Board members can also receive $25,000 for special assignments.

Virginia Breen

• Independent trustee, UBS Series Funds, 2023 – Present
• Independent trustee, UBS A&Q Funds, 2008 – Present
• Independent trustee, Calamos Funds, 2015 – Present
• Independent trustee, Neuberger Berman Private Equity Funds,
• Director, Paylocity Holding Corp., 2018 – Present
• Director, Tech and Energy Transition Corporation, 2021 – 2023
• Director, JLL Income Property Trust, Inc., 2004 – 2023
• Partner and co-founder, Blue Rock Capital, 1995 – 2011
• Partner, Sprout Group, 1988 – 1995

David Malpass

• Independent trustee, UBS Series Funds, 2014 – 2017 and 2023 – Present
• President, World Bank Group, 2019 – 2023
• Undersecretary for international affairs, U.S. Department of the Treasury, 2017 – 2019
• President and founder, Encima Global LLC, 2008 – 2017
• Chief economist and senior managing director, Bear, Stearns & Co., 1993 – 2008
• Deputy assistant secretary for Latin America economic affairs, U.S. Department of State, 1990 – 1993
• Staff director, U.S. Congress Joint Economic Committee, 1989 – 1990
• Deputy assistant secretary for developing nations, U.S Department of the Treasury, 1986 – 1989
• Senior analyst for taxes and trade, Senate Budget Committee, 1984 – 1986