SwissAir names five sub-fund managers for e600m
SwissAir has announced the names of managers appointed to run e600m in five sub-funds belonging to the recently restructured pension scheme. The fund has appointed managers to five mandates, each valued at approximately e120m.
Wellington has been appointed to run both an active US equities and an active European equities sub fund. Capital International has been appointed to oversee the active pacific equities mandate.
Each of the equity mandates are to be run on aggressive basis, according to Felix Kottmann, the investment consultant to the fund, who says that tracking errors are likely to be between 7% and 12%.
For a US bonds, index-enhanced sub-fund, the scheme has appointed Bank of New York while Dresdner Investment Management in Frankfurt is to run an equivalent European bond mandate. These two, although index-enhanced, will operate at no more than 20 basis points from the benchmark. Kottmann says they considered appointing a manager for an enhanced Swiss bond mandate but that the applicants were insufficiently impressive.