Swiss postal fund opts for new FTSE index
SWITZERLAND – The 10 billion-Swiss franc (6.4 billion-euro) 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,” said 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,” added 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. Martine Fivaz Wyrsch replaced Ulrich Perren; Rolf Hasler, took over from Elsbeth Schafroth and Alfred Wyler replaced Hans Ueli Ruchti.
FTSE introduced the FTSEurofirst in conjunction with exchange group Euronext in April.