SWITZERLAND - Geneva-based Swiss social security fund (AHV) is to consider a move into hedge funds or private equity later this year as part of its initial consideration of alternative investments.
Last year the approximately CHF20bn fund told IPN that its search for alternative investments was to be postponed due to a lack of funding for at least another 12 months.
But head of the Geneva-based fund Dominique Salamin revealed that the move may be discussed in the third quarter, before the fund holds its periodic asset allocation review in Q4.
Salamin did not speculate as to whether either brief would be fund of funds, or a domestic or internationalised allocation. The fund is to commit 5% to the asset class should the move press ahead.
Additionally, AHV has now longlisted eight managers for a CHF500m US small-caps mandate, and a CHF500m European small or mid-caps brief. An appointment is now expected in April and June respectively.
Salamin also added that AHV would postpone its tender of a CHF500m global bond mandate until June.
Other recent changes at the fund include the recent appointment of Credit Suisse Asset Management to a CHF1bn global equity mandate (passive), and a the hiring of Bridgewater, State Street global Advisors and Pareto to implement a currency overlay strategy for its global bond portfolio.
The new overall strategic allocation - to be implemented next year - is 32% global equity; 8% Swiss equity; 40% Swiss bonds; 15% global bonds; and 5% real estate.
The present allocation stands at 70% Swiss fixed-income products (including money market instruments); 13% Swiss equities; 10% international equities; 6% overseas fixed-income; 1% Swiss indirect real estate.
ECOFIN is advising.
By Madhu Kalia
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