SWITZERLAND - The former head of asset management at the civil servants' pension fund in Zürich (BVK) also managed around CHF200m (€144m) for a university fund.

The closed fund for widows, orphans and professors at the University of Zurich (WWPK) has not claimed any wrongdoing, however cantonal government has been heavily criticised for allowing the unnamed former BVK-manager to hold another investment position "on the side".
Jörg Kehl, head of the WWPK, confirmed to IPE that the "former head of asset management at the BVK had been working for the fund between 1 January 2005 up to the day of his arrest".

The position had been registered with and sanctioned by the financial department of the government of Zurich in 2004, something that has been criticised for possible conflict of interest.

However, since the WWPK is a closed fund and only pays out benefits it was invested conservatively and reported a surplus of CHF43m per year-end 2008.

It was not disclosed how much the former BVK-asset management head, who was arrested on the suspicion of corruption at the beginning of June, earned at the WWPK.