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Pensionskasse der Zürcher Kantonalbank
The Pensionskasse der Zürcher Kantonalbank serves the employees of the Zürcher Kantonalbank, the largest cantonal bank in Switzerland by total assets.
Pensionskasse der Zürcher Kantonalbank
The Pensionskasse der Zürcher Kantonalbank serves the employees of the Zürcher Kantonalbank, the largest cantonal bank in Switzerland by total assets. The fund operates a hybrid defined-benefit and defined-contribution structure, reflecting the evolution of Swiss occupational pension design. Governance sits with an Administration Commission, where Joe Kerschbaumer holds a mandate alongside Roger Meier under the bank's foundation operations unit. Strategy rests on a multi-asset foundation with a pronounced tilt toward tangible assets. Direct real estate positions include the mixed-use Grubenstrasse property in Zurich, the commercial asset at Sonnentalstrasse 6 in Dübendorf, and the residential building on Winterthurerstrasse in Zurich's urban core. A diversified commodities portfolio provides liquid inflation-hedging capacity. The fund participates in Swiss Sustainable Finance studies and follows ASIP reporting recommendations, aligning with a peer group of Swiss institutional investors that emphasize cost transparency and environmental integration. As a UN PRI signatory since 2008, the Pensionskasse committed earlier than most Swiss cantonal-bank pension funds, signaling a governance culture that values external accountability frameworks. The fund maintains ties to the Marienburg-Stiftung charitable vehicle sponsored by the bank. Team size and total deployment figures remain undisclosed per standard Swiss pension fund practice. This fund's structural edge rests in its direct real estate portfolio — owning physical Swiss property rather than relying purely on fund vehicles gives it inflation-linked cash flows and a low-cost basis that many peer pension schemes cannot replicate. The hybrid DB-DC architecture also creates a distinct liability-matching challenge that likely shapes its asset-allocation weightings toward real assets and away from purely duration-driven fixed income.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
Switzerland
City
Zurich
Corporate office
Zurich, Switzerland
Principals
Joe Kerschbaumer
Member of the Administration Commission and Operative Leitung Stiftungen at ZKB
Roger Meier
Active mandate holder for the Pensionskasse der Zürcher Kantonalbank
Sector focus
Frequently asked questions
Who runs investment decisions at Pensionskasse der Zürcher Kantonalbank?
The Administration Commission holds fiduciary responsibility, with Joe Kerschbaumer serving as a key governance figure through his Operative Leitung Stiftungen role at ZKB. Roger Meier also maintains an active mandate. Day-to-day investment management delegation arrangements are not publicly detailed, consistent with Swiss pension fund opacity norms.
Does the fund participate predominantly in direct investments or fund commitments?
The fund holds direct title to several Zurich-area properties, including residential and commercial assets, which points to a direct real estate allocation rather than reliance on external managers for that sleeve. Its commodities portfolio may be implemented through passive or fund structures. No public data confirms whether private equity or infrastructure commitments use direct or fund-of-funds approaches.
How is the fund related to the Zürcher Kantonalbank?
The Pensionskasse is the occupational pension fund for employees of Zürcher Kantonalbank. Governance is embedded within the bank's foundation operations unit, and the Marienburg-Stiftung charitable foundation is separately sponsored by the bank. The fund is a distinct legal entity under Swiss pension law.
What is the fund's posture on sustainable investment?
The fund became a UN PRI signatory in 2008, placing it among the earlier Swiss institutional adopters. It participates in Swiss Sustainable Finance studies and follows ASIP reporting guidelines, which include ESG recommendations for Swiss pension funds. No exclusion lists or portfolio decarbonization targets are publicly documented.
Which sectors does the fund explicitly avoid?
No negative screens or exclusion policies are publicly disclosed. Swiss pension funds under ASIP guidance typically do not publish detailed exclusion lists unless legally mandated, and no such mandates currently apply to this entity.
Does the fund maintain philanthropic structures, and how are they separated?
The Marienburg-Stiftung der Zürcher Kantonalbank is a separate charitable foundation sponsored by the bank, not the pension fund itself. The Pensionskasse has no direct philanthropic mandate; its sole purpose is occupational retirement provision for ZKB employees.
Where does the underlying capital come from?
Contributions come from Zürcher Kantonalbank and its employees under Switzerland's mandatory occupational pension system (BVG/LPP). The hybrid DB-DC structure means part of the benefit is insured with a guaranteed minimum return and part is linked to investment performance. No external clients or third-party capital are involved.
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