As the US-centric credit crunch places some of its leading financial institutions, like UBS, under real stress, Nina Röhrbein reports on the usually sedate world of Swiss asset management

Panic seems to be one sentiment that is missing from the land of cheese, cows and clocks. At least when it comes to institutional investors who - according to asset managers - have kept a surprisingly calm composure during the turbulent last year which was marked by the sub-prime crisis, market downturns and the huge outflows that hit Swiss bank UBS.

"Despite their shrinking funding levels, the large majority of Swiss pension funds are calm and living off their reserves, which they accumulated between 2004 and

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