Geneva-based Union Banque Privée (UBP) has picked up a Sfr30m (E19m) international bond mandate from the retirement scheme of the Canton of Geneva’s public medical establishment personnel (Personnel des Etablissements Publics Médicaux du Canton de Genève) following an outsourcing exercise.
The Sfr150m scheme, which covers 11,000 members, selected UBP from a shortlist of four managers because of its performance record as well as ethical and ecological criteria and its proximity to the scheme itself.
Bernard Gaillard, financial director of the scheme, comments: “Previously we managed the entire fund in-house, but we decided to outsource the assets both for diversification reasons and also to give us the opportunity to judge our own investment performance.” The remaining Sfr120m of the plan’s in-house managed assets are also invested in international bonds.