Deals and People January 3, 2013

UBS Adds to Real Estate Business Team

January 3, 2013 (PLANSPONSOR.com) - The U.S. real estate business of UBS Global Asset Management hired Thomas Klugherz as a portfolio and client services officer.
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Klugherz has 25 years of experience working in various capacities for advisers to large pension plans and institutions. His prior experience includes acquisitions, asset management, portfolio management and day-to-day operations of several investment managers.    

During his career he has been directly involved in sourcing, underwriting and managing more than $10 billion of institutional grade investments across the United States. Klugherz has worked directly with existing and prospective separate account and fund clients to analyze their portfolios and formulate investment strategies.     

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UBS Global Asset Management Real Estate – US provides a range of real estate investment management services in a variety of investment vehicles including commingled funds and individual client accounts. Based in Hartford, Connecticut, with offices in Dallas and San Francisco, it manages total gross assets of approximately $20 billion and covers the full spectrum of major property types.   

The firm operates through the legal entities UBS Realty Investors LLC and UBS AgriVest LLC, which are both registered investment advisers.
Compliance January 3, 2013

Fiscal Cliff Deal Extends Roth Conversions

January 3, 2013 (PLANSPONSOR.com) – While the fiscal cliff deal did not change the current tax treatment of retirement savings, it does include a provision for retirement plans that could generate tax revenue right away.
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The American Taxpayer Relief Act of 2012 includes a provision allowing for in-plan Roth conversions of defined contribution retirement plan accounts otherwise not distributable, without any income limitations. Previously, only amounts deemed distributable—such as upon attainment of age 59 ½ by a participant—could only be converted to Roth accounts.  

The provision is effective January 1, 2013, but prior account balances are allowed to be converted.  

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According to news reports, the provision is expected to raise $12.2 billion in 10 years to help pay for the two-month delay of spending cuts in the deal.

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