Swiss multi-employer scheme Tellco Pensionskasse, which manages assets worth CHF4.88 billion (approximately £4.3 billion), has been taken over by regulators after disagreements within its leadership made it impossible to run effectively. The move was ordered by the Zentralschweizer BVG und Stiftungsaufsicht, which appointed WTW as administrator to stabilise the fund. Tellco said the intervention was not due to financial problems but rather “ongoing disputes” between members of its board of trustees, which had prevented proper governance.