SWITZERLAND - The Bank for International Settlements, the central banks' bank, is looking to appoint a new head of asset management.

Taking over from Guy Henriques, the appointee will be in charge of the management of the activities of BIS Asset Management, such as "the management of financial investments of the bank's pension fund," the firm said.

The fair value of the BIS staff pension fund is SDR602.2m (€633m). The actual return on fund assets was up from 4.30% in 2004 to 10.65% last year.

It is unclear what Henriques will do next, as it is bank policy not to comment on its staff.

Based in Basel, where the bank is headquartered, principal functions involve the management of financial investments of the BIS own funds and the management of financial investments of the bank's asset management customers.

The new head will be in charge of BIS's portfolio management and so called third-party asset management, too, "with a view to increasing the size of funds under management and the diversity of revenue sources of the bank," the bank said.

BIS, an international organisation that fosters international monetary and financial cooperation and serves as a bank for central banks, is the world's oldest international financial organisation.

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