UBS pension fund in need of new head
SWITZERLAND - Christoph Schenk, chief executive of the CHF19bn (€12.6bn) UBS pensionskasse, will leave his position on October 1, IPE has learnt.
Schenk (pictured), who had headed the bank's pension fund since 2006, will join UBS' wealth management team as chief investment officer. (See earlier IPE story: Schenk appointed UBS pension MD)
A successor for Schenk has yet to be named, a spokesman for the UBS pension fund confirmed.
Schenk will be replacing Michael Strobaek, who - according to a UBS memo - "has decided to leave UBS at the end of September".
In the internal note sent on Aug 20, it was pointed out that under Schenk's leadership "the asset allocation and investment style of the pension fund have been significantly changed, resulting in an excellent performance in a difficult market environment".
Indeed, despite a negative return of 12.8% in 2008 the the 42,800-member fund reported a 116% funding level at end-June 2009.
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