Swiss roundup: Social ministry BSV, State Street index

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SWITZERLAND - The Swiss social ministry BSV is tendering another survey into second-pillar costs, this time focusing on asset management fees.

The BSV aims to "get a clearer picture" of asset management costs and is tendering for a company to survey Swiss pension funds.

According to the documentation, particular focus is to be placed on alternative investments and the transparency of asset management costs.

Further, the survey is to report on costs of internal, as well as external, asset management regarding the various asset classes.

The study will also include marketing and promotional costs, albeit separately from the other costs.

Last week, the BSV tendered for a survey into general costs in the second pillar.

Both surveys are part of a major report being prepared for 2011 on various issues regarding the mandatory occupational pension system, including fees, conversion rate and regulations.

Meanwhile, State Street has published the results of its own Swiss pension fund index for the second quarter.

State Street calculated a 3.1% loss, even steeper than the 2.4% loss calculated by Credit Suisse.

Apart from using different samples according to the client base, the two asset managers also included different asset classes in their indices.

While Credit Suisse looked at all investments, State Street only used those it holds as a custodian, meaning real estate, for example, was not included.

In total, State Street's index showed a loss of 0.2% for the first six months, but a return of 7.65% for the last 12 months.

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