SWITZERLAND - Swiss pensionskassen generated a 5.61% gain during the second quarter of this year, suggests data produced by State Street - the first positive return to be seen for two years.

Different to the Credit Suisse pensionskassen index, State Street's analysis does not include direct real estate investments or other asset classes which do not require custodial services. (See earlier IPE story: Swiss pensions shift to equities and property) 

This led pensionskassen to display significantly worse performance figures in the State Street index over recent quarters, than when compared to other indices.

When coupled with the eariler negative return of -2.26%, the State Street index now shows a positive performance for the first half of 2009.

"The long negative trend has been broken and it was mainly in April that markets recovered considerably," said Reto Tschäppeler, vice president of State Street in Zurich.

That said, he added it was too soon to give the all-clear with regards to underfunding levels and the need for recovery measures.

Elsewhere, the CHF4.5bn (€3bn) pension fund for teachers in the Swiss canton of Bern, the BLVK, reported a positive 5.12% performance for the first half of 2009, just slightly lower than the benchmark return of 5.13%.

Its underfunding level has improved to 76.45% since the end of 2008, when it stood at 73.47%.

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