Capital investments

FZK Vested benefits accounts

We attach great important to the asset preservation of the funds in the vested benefits accounts. Accordingly, a low-risk investment strategy that adapts to the current financial situation is used.

Investment categories Lower bandwidth SAA Upper bandwith

Liquidity/short duration

53.5%

59.5%

65.5%

Swiss bonds

11.0%

13.0%

15.0%

Global AAA–AA bonds

7.0%

8.0%

9.0%

Global corporate bonds

4.25%

5.0%

5.75%

Global infrastructure bonds

0.0%

1.0%

1.5%

Swiss equities

1.0%

2.5%

3.0%

Global equities

5.0%

6.0%

7.0%

Emerging-market equities

0.5%

1.0%

1.5%

Swiss real estate

3.0%

4.0%

5.0%

BVG/LPP occupational benefits

Several thousand employers, each with a small number of employees, are affiliated with the BVG/LPP division. In comparison with an average Swiss pension fund, the risk capacity is therefore more limited. A conservative investment strategy is applied accordingly.

Investment Categories Lower Bandwidth  SAA Upper Bandwidth
Liquidity / Short Duration 0.0% 1.0% 5.0%
Swiss Bonds 30.0% 34.0% 38.0%
Global Bonds AAA-AA 0.0% 3.0% 5.0%
Global Corporate Bonds 11.0% 13.0% 15.0%
Global High Yield Bonds 0.0% 2.0% 3.0%
Global Infrastructure Debt 0.0% 3.0% 5.0%
Swiss Equities 5.0% 6.0% 7.0%
Global Equities 17.0% 19.0% 21.0%
Emerging Markets Equities 1.0% 2.0% 3.0%
Swiss Real Estate 9.0% 13.0% 15.0%
Global Real Estate 1.0% 4.0% 5.0%
ALV Unemployment insurance

Customers in the ALV business unit benefit from the comfortable financial situation in the form of low risk contributions that do not cover costs. In order to maintain this discount for as long as possible, a conservative investment strategy is applied.

Investment Categories Lower Bandwidth  SAA Upper Bandwidth
Liquidity / Short Duration 14.0% 18.0% 22.0%
Swiss Bonds 19.0% 23.0% 27.0%
Global Bonds AAA-AA 6.0% 8.0% 10.0%
Global Corporate Bonds 9.0% 11.0% 13.0%
Swiss Equities 5.0% 6.0% 7.0%
Global Equities 16.0% 18.0% 20.0%
Emerging Markets Equities 1.0% 2.0% 3.0%
Swiss Real Estate 6.0% 10.0% 12.0%
Global Real Estate 1.0% 4.0% 5.0%

Board of Trustees

The Board of Trustees determines the investment principles and the investment strategies. It also elects the central custodian and the investment controller.

Asset management Committee

The Asset management Committee ensures the implementation of the investment strategies. It selects and monitors the external and, where necessary, internal asset managers.

Management office

The management office is responsible for the operational implementation of the decisions made by the Board of Trustees and the Asset management Committee. It prepares the decision-making and reporting agenda of the two committees.

External portfolio managers

The majority of  the asset management is made by external, specialised asset management companies.

External controller

The controller monitors all investment activities and reports thereon to the Asset management Committee and the Board of Trustees.

  1. The management of the foundation’s assets helps to ensure that the pension objective is certain to be achieved and is done in the interest of the beneficiaries. The assessment of the certainty takes place in particular in recognition of all assets and liabilities as well as the structure and the expected development of membership figures.
  2. The foundation invests only where the investment risk, taking into account the implementation costs, is offset by a risk premium that can be explained economically.
  3. The foundation’s opportunities and risk management is focused on identifying, quantifying and managing opportunities and risks.
  4. Basically, in terms of asset management, the foundation does not start from the belief that it can forecast the development of financial markets and macroeconomic variables. In making investments, however, it takes into account various scenarios in this regard.
  5. The organisation is set up in such a way that all investment decisions are clear and level-appropriate, subject to expert knowledge and regularly monitored.
  6. The foundation also takes environmental, social and corporate governance (ESG) criteria into account when managing assets in the context of opportunity and risk management. In order to ensure the long-term success of its equity investments, it actively exercises its shareholder rights.

The foundation pursues an investment strategy geared towards sustainable success, thus allowing it to fulfil its statutory mandate in the long term. This includes the payment of pensions and the secure management of vested benefit accounts.

ESG factors – environmental, social and good corporate governance – are integral components of the foundation’s opportunity and risk management. 

Find out more

The actual investment is carried out via mandates that are transferred to external asset management companies or, in individual cases, to internal portfolio managers.

Asset management mandates as of 1 September 202

Short duration:

  • Pictet Asset Management SA, Genf
  • SYZ Asset Management AG, Zürich 
  • Aberdeen Asset Managers Limited, London
  • BlackRock Investment Management (UK) Limited, London
  • UBS Asset Management Switzerland AG, Zürich
  • DWS International GmbH, Frankfurt am Main 

Loans to public sector entities:

  • Internal

Swiss bonds:

  • Pictet Asset Management SA, Genf
  • UBS Asset Management Switzerland AG, Zürich  

Global government bonds:

  • Credit Suisse (Switzerland) Ltd., Zurich, sub-delegated to Credit Suisse Asset Management (Switzerland) Ltd., Zurich

Global corporate bonds:

  • DWS International GmbH, Frankfurt am Main
  • Payden & Rygel, Los Angeles
  • Legal & General Investment Management Limited, London

Global high-yield bonds:

  • LGIM Managers (Europe) Limited, Dublin

Global infrastructure bonds:

  • Anlagestiftung IST3 IKG – MetLife Investment Management Limited

Swiss equities:

  • Pictet Asset Management SA, Genf

Global equities:

  • UBS Asset Management Switzerland AG, Zürich, subdelegiert an UBS Asset Management (UK) Ltd., London

Emerging-market shares:

  • Credit Suisse: Institutional Funds
  • DWS CH AG, Zurich, sub-delegated to DWS Investments UK Limited, London

Real estate in Switzerland:

  • Internal

Global real estate:

  •  Internal

Currency:

  • Record Currency Management plc

The data relating to the portfolio manager’s investment activities is prepared and monitored by the global custodian and fund administration. The Investment Controller analyses and comments on the data in detail at least quarterly.

Mandates for global custody and consulting/controlling:
  • Global custodian: Banque Pictet & Cie SA

  • Fund management: FundPartner Solutions (Suisse) SA

  • Investment controller: PPCmetrics AG

  • Annual General Meeting analyses and engagement: Ethos Services AG

Since 2017, the Substitute Occupational Benefit Institution has been granting loans to public corporations in Switzerland with a term of up to 12 years. We would be happy to send you an offer with the following details:

Request for an offer
*
*
*
*
*
*
*
*
*
*

Would you like to be informed by the Substitute Occupational Benefit Institution about tenders for asset management mandates and investment products? Register here.

Registration form
*
*
Login