Swiss fund opts for FTSEurofirst
The SFr10bn (E6.4bn) pension fund of the Swiss postal service has opted to use the new FTSEurofirst index as its benchmark for its pan-European mandate.
FTSE said that Pensionskasse Post has signed a contract to use the FTSEurofirst 100 index as a tracker for its pan-European mandate.
“The FTSEurofirst 100 index offers us wider and more accurate sector coverage of European stocks with a lower tracking error and lower cost than other indices,” says Thomas Grupp, portfolio manager at the fund. According to the fund’s website, it underperformed its benchmark by 0.42% in 2002.
“We are seeing an increase in interest for the FTSEurofirst series among market users, and we are delighted to be selected by Pensionskasse Post for its pan-European mandate,” adds Daniel Winkler, FTSE’s regional manager for Germany and Switzerland.
Earlier this year the fund, which has 53,000 contributors, named nominated three new members to its governing council.