SWITZERLAND - Swiss pension fund assets under management increased CHF40bn (€24.7bn) to CHF615bn during 2006, according to Credit Suisse.
Favourable market conditions meant the funds enjoyed a positive end to the year, returning CHF15bn (2.45%) in Q4 alone.
The Credit Suisse index found pension funds continued to increase their real estate allocation – by 0.45% for the quarter and as much as 1.93% year-on-year – and ended at a new high of 14.04%.
Conversely Swiss bond allocations fell further still, CS said. “This segment fell for the third time running by 0.68%. Compared with the previous year, the weighting fell by 2.29% and now stands at 27.44%.”
One of the most notable trends was the decline in Swiss equity allocation ( down 1.26% year-on-year), as it came in spite of impressive returns.
The weighting of foreign currency bonds fell 0.39% during the quarter under review and 0.52% year-on-year.
Other asset classes such as alternative investments, foreign equities and liquidity did not change significantly either during the quarter under review or compared with the previous year.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.