KOSOVO - The €241m Kosovan Savings Pension Trust (KSPT) has appointed Adrian Zalli as its new managing director.

The Kosovo-born investment consultant succeeds Arieta Koshutova, who stepped down earlier this year for personal reasons.

Zalli told IPE he has returned to the country after working with JPMorgan on their derivatives desk in New York, with Credit Suisse as consultant in the similar sector and with the Royal Bank of Canada, as a consultant on their index arbitrage to see whether he could "make some contribution".

He will manage the KSPT into which all employers in the Kosovo make payments on behalf of their employees

Set up in 2001 by the UN, the fund now has 231,832 members as contribution is obligatory for people born after 1946 and voluntary for older workers.

The fund's investment strategy is set out by a governing board which includes investment experts and local representatives as well as a member of the UN mission to Kosovo UNMIK.

Around 55% of the fund's assets are invested in equities and 40% in bonds divided among Vanguard, Schroders, ABN Amro and ECM. The fund's assets last year generated a return of 8% and investments are made outside Kosovo.

"Kosovo does not offer anything in terms of investment possibilities as we know it in the outside world," Zalli explained.

"There are no listed companies, no stock exchange. The government does not issue bonds in its name and it does not guarantee bonds by any companies," he added.