SWITZERLAND - Eric Breval, chief executive at the Swiss Federal Social Security Fund (AHV), has confirmed that the fund's head of asset management Edouard Dubuis will be leaving.

Dubuis, who is responsible for CHF25bn (€20bn) of invested assets, will be joining his family business, Breval told IPE.

He added that one of Dubuis's successor's first tasks would be to create an internal management team.

"Over the next few years, we will professionalise our business even further," Breval said.

News of Dubuis's departure comes soon after a significant reorganisation at the AHV. In January, the fund was split into a social security, a disability and a military and maternity fund to prevent cross funding between the units.

Each of the individual funds will have its own asset allocation, but there will be a central asset management team.

In addition to the new head of asset management, the AHV is looking for a quantitative strategist for ALM analysis - an in-house position that is "directly linked" to the reorganisation, Breval said.

The fund is also looking for an investment specialist for overlay strategies with derivatives.