AUSTRIA- Austria’s e1.5bn APK pension fund has appointed Christian Boehm to succeed Helmut Kapl as chief executive. Boehm has been with APK since its creation in 1989 and was previously Kapl’s second in command.

He says that the priority for the fund is to look at the asset allocation. Over the last two years APK has reduced its equity holdings. The fund’s strategic benchmark recommends 40% in equities although the present figure is nearer 33%.

Boehm classifies the changes in the past two years as tactical asset allocation but says that they have to look very closely at the strategic benchmark. “If the markets represent fair value then maybe we will change our strategic asset allocation,” he says.

The fund is also considering increasing its allocation to alternative investments including private equity and hedge funds. It has less than 1% of its assets in alternatives. Boehm says disappointing performance in

APK is also considering the launch of a new KAG although this is not a decision that will be made before the end of the year. “This is not the type or project that we can make a decision in a few months. We are considering doing it in the long run,” he says.