Tamedia Pensionskasse

Tamedia Pensionskasse

Tamedia Pensionskasse serves as the independent pension fund for TX Group AG, the publicly traded Swiss media company that owns titles including Tages-Anzeiger, 20 Minuten, and the Goldbach advertising network. Structured under Swiss pension law as a legally separate foundation, the fund's Board of Trustees, led by Sandro Macciacchini, is responsible for investment strategy and oversight. Frédéric Diserens has held the Managing Director role since 2015, running day-to-day operations. The fund's beneficiary base consists entirely of current and former TX Group employees. The fund deploys capital across a diversified portfolio anchored by direct and indirect Swiss real estate. Known real estate exposures include positions in assetimmo Immobilien-Anlagestiftung, a Swiss mixed-use property foundation, and CS 1a Immo PK, a commercial real estate vehicle. The SXI Real Estate Funds allocation adds listed-property exposure. Alongside its real estate book, the pension fund maintains a global equity portfolio and a dedicated Swiss equity portfolio, reflecting a home-bias common among Swiss institutional allocators. Tamedia Pensionskasse participates in the Swiss Association for Responsible Investments (SVVK-ASIR), signaling integration of ESG screening into manager selection and monitoring. In May 2024, TX Group AG reported its annual results, confirming continued employer contributions to the pension scheme as part of its obligations to the Stiftungsrat (per TX Group, May 2024). The fund operates alongside the broader Swiss second-pillar occupational pension system, which mandates minimum guaranteed returns and regulatory oversight by the canton of Zurich. Tamedia Pensionskasse is also a member of Arbeitgeber Zürich VZH, the regional employer association, aligning its governance with broader industry standards for Swiss pension foundations. As a single-employer pension fund tied to a publicly listed media group, Tamedia Pensionskasse's structural differentiator is its hybrid liability posture: it must balance the fiduciary duty to fully fund future pension promises with the employer's capacity to make top-up contributions when funding gaps emerge. This creates an investment approach that layers illiquid Swiss real estate — held for stable income — alongside liquid global equities, a configuration typical of well-capitalized Swiss pension funds navigating low domestic bond yields.