GERMANY - Philips Pensionskasse, the €650m pension fund of Philips' German division, is looking for a new head of treasury.

The fund's former financial director Markus Ludovic left his position in June to join another division of the firm as company controller.

The firm said that the board has not yet appointed a new head of treasury, but is in the process of doing so.

At the end of June the fund announced in its second quarter results that it has booked some of the worst returns at international capital markets since years.