SWITZERLAND - Pension Fund Services (PFS), a multi-employer scheme that has been in existence since 2001, has lost its chief executive officer and chief financial officer.

PFS said CEO Reto Kuhn and CFO Heinz Ehrensberger had left the scheme with immediate effect to "pursue a new professional challenge".

Contacted by IPE, a spokeswoman for the Zurich-based scheme said she did not know what that challenge was.

"PFS' supervisory board regrets the departure of Reto Kuhn and Heinz Ehrensberger and thanks them for their efforts," the scheme said in a statement, adding Martin Hegglin, board member in charge of benefits and insurance administration, had succeeded Kuhn as CEO.

Hegglin joined PFS in its second year of business from a leading Swiss IT firm where he had a management role.

"Under the stewardship of Martin Hegglin, PFS will continue its successful growth strategy," the scheme said.

PFS was launched in 2001 to administer the three pension plans for collapsed group SwissAir and now provides pensions administration and asset management services to Swiss pension funds as well as small- to medium-sized enterprises.

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