Swiss Rail: The Pensionsfund Hilfkasse (PHK) of Swiss Rail will start early 1999 with investments in securities, said Rudolf Stampfli, designated head of the scheme.

With liabilities to members amounting to SFr12.7bn ($8.5bn), PHK will start life as one of the biggest private pension funds in Switzerland. The capital will be paid in by the Swiss treasury by instalments and using credit swaps. Stampfli says PHK will start off with a large amount", with SFr5bn considered a reasonable estimate.

The investment strategy has almost been worked out, but not approved by the board as yet. He adds equities will get an important weighting. PHK will manage the money both internally and externally by mandates.

Swisscom: Because Swisscom plans to go public this autumn, its pension scheme had to be established as a priority. The scheme, formerly a part of the federal PKB scheme, was founded in January with liabilities to members of SFr6.3bn.

But according to project manager Hans-Martin Ursprung, this figure changed drastically. For legal reasons pensioners and their pension accounts will have to stay in the PKB, as lawyers found out to their surprise.

As a result, the liabilities of active members now amount to SFr2.9bn only. But PKB Swisscom has currently no net cash out flow and can run a favourable long-term investment strategy.The portfolio management probably will be completed by mandates, says Ursprung. He has no intention of being fund director, so this position is open too."