SWITZERLAND - The Basle-based pension fund of Swiss drugs giant Roche has appointed Robert Aeby as its new head.

Aeby, currently deputy head of the fund, will replace Theodor Häberli (57) who, according to the firm, will retire in the next three years.

Häberli has headed the fund since 1991, but decided to transfer his responsibilities to Aeby on January 1 and now will work as an adviser for the fund.

The Roche Pensionskasse was one of the seven Swiss funds embroiled in the Swissfirt affair last year, when it emerged funds simultaneously dumped shares in the bank Swissfirst in early September 2005 - just before Swissfirst's merger with another bank.

In dumping their shares prior to the merger, the schemes sacrificed a theoretical market gain worth millions of Swiss francs.

The Roche fund, alongside the Pensionskasse of the supermarket chain Coop, were the only funds to have been vindicated by an official investigation in October.

If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email carolyn.bandel@ipe.com