Too local for comfort

By Martin HurstSeptember 2004 (Magazine)

At the Novartis Pensionskasse, one of Switzerland’s leading pension institutions, the mood for risk is muted. Exposure to equities was reduced from 31% at the end of 2002 to 16% a year later; the target for this year is 20%. “The markets are still rather over-valued,” says Gino Pfister, pension ...