SWITZERLAND - The Swiss Pension Fund Performance Index, which measures the performance of 57 Swiss pension funds, fell from 98.3% to 90.5% last year.

The index, run by Credit Suisse Asset Management (CSAM), measures the real performance and asset allocation of some SFr90 bn. (Euro 62 Bn. Euro) kept in custody by CSAM, some 20 % of the total asset of Swiss schemes.

It shows that during 2002 Swiss pension funds moved their asset allocation from equities into liquidity, mortgages and bonds. Allocation to these asset classes have increased from 52% of the portfolio to 58.6%. In the same time domestic equities have fallen from 19.2% of portfolios to 16 %. Foreign equities declined from 17.8% to 15.2 %.

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