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Credit Suisse

The management and Board of Trustees of the Schindler Pension Fund have been monitoring developments surrounding Credit Suisse closely in the past few days.

Date:

We should like to make the following statement to our insureds:  

  • The Pension Fund holds only a minimal position in Credit Suisse shares (0.02% of total assets), and no direct bond investments. Specifically, we do not have any Additional Tier 1 bonds.
  • Credit Suisse is the Pension Fund's global custodian. For this reason, the majority of our assets are held in securities custody accounts with CS. Credit Suisse also manages a portion of our securities holdings, and the Pension Fund is invested in a number of CS real estate funds and investment foundations. It is important to note that the securities custody accounts and the aforementioned fund investments do not form part of the bank’s asset and liability accounting, and therefore would not be affected by any (theoretical) insolvency.
  • The Board of Trustees examined business with Credit Suisse in 2022 and instituted a range of measures to mitigate risks.
  • The Pension Fund's performance from 1.1.2023 to 21.3.2023 stands at around +1.4%.
  • The Board of Trustees and management are in close contact with representatives of both CS and UBS.

The planned takeover of CS by UBS undoubtedly increases the level of security for CS clients. It is still subject to the completion of certain formalities and conditions before it becomes legally effective. The Board of Trustees and management are keeping a close eye on developments, and will provide further information where necessary.

Schindler Pension Fund