After the long-awaited reform of the Norwegian pension system, some in the industry are still not satisfied that the market is operating to the best of its ability. Spencer Anderson investigates

While pension funds all over the Nordic region have spent the past year reducing equities in their portfolios, one Nordic investor is doing the complete opposite. By coincidence, it also happens to be the region’s largest investor: the NKr2,120bn (€230.5bn) Norwegian Government Pension Fund – Global.

In an effort to promote intra-industry dialogue, Ethix SRI Advisors, Aviva and the Danish Insurance Association, have initiated the launch of the Danish social investment forum (Dansif).

Norwegian pensions and insurance company Kommunal Landspensjonskasse (KLP) has slashed its equities from 26 per cent to 6 per cent, in a defensive move to protect capital.

Ilmarinen’s new deputy chief executive officer and head of investments Timo Ritakallio is making his first changes to the firm’s investment strategy.

The €23.4bn Finnish pension company will increase its allocation to private equity, property funds and internal hedge fund strategies. It is also currently re-evaluating its external mandates.

“We have started putting more focus on private equity and will continue to increase our allocation to about 4 per cent of assets. We also have plans to increase our investments in real estate funds abroad,” said Mr Ritakallio, who has appointed Mikko Räsänen as head of private equity and unlisted investments, a newly created position.

Norway’s largest pension fund will cut all investments in tobacco-related companies next year, in adherence to its new ethical guidelines.

Allianz Global Investors (AGI) Europe will open an office in Scandinavia. Elizabeth Corley, chief executive officer for AGI Europe, told nrpn that the Nordic region was an increasingly important market for the firm, and that it hopes to expand its business there within the next 12 months.

The recent decision by the Icelandic Pension Funds Association to temporarily halt corporate bond payments has displayed some much-needed solidarity, despite the cost, writes Spencer Anderson

Swedish pensions company KPA Pension has responded to public demand by drastically reducing its management fees, but is it enough to warrant a place in the SAF-LO agreement for blue-collar workers?

Caroline Liinanki investigates

In light of its government’s strong backing for the UNPRI, Danish pension funds have initiated an intra-industry discussion on socially responsible investing, writes Hjalmar Tjan

Nordic funds are standing by their current investment strategy, but external managers are set to go, write Spencer Anderson and Caroline Liinanki

Having recently taken over as Finnish pension insurance company Ilmarinen’s head of investments, Timo Ritakallio tells Caroline Liinanki what allocation changes the company is planning for 2009 and discusses the fate of its poorly-performing external managers

With modest but comparatively impressive results, KLP plays it safe to maintain its top market share, writes Spencer Anderson

What are the most important factors to consider when choosing a custodian?

Marie Schöllin: The most important factor is asset safety and commitment to the business. Then follows core services, which includes the systems, client services and the price. Client services are very important for us. However, the price is just one factor. The strength of the custody business is also important and whether or not it’s a core business. You need to watch out if there have been a lot of acquisitions or sales of companies. We want to have a stable, long-term relationship and co-operate with someone who will still be in the business over the long term.

After months of equity aversion, some Swedish investors are regaining an appetite for the asset class, writes Caroline Liinanki

Having learnt the lessons of the downturn, Nordic pension funds will embrace transparency and do away with complex vehicles. Caroline Liinanki investigates

Private equity buyout managers expect to pick up bargains in the coming months, but timing this market is almost impossible, and tight credit conditions mean picking the best managers is vital, writes Martin Steward

Despite market conditions calling for short-term gains, ESG-minded Nordic pension funds are increasingly outsourcing their active engagement. Hjalmar Tjan investigates.

BlackRock’s Mark Wiedman, managing director of the financial markets advisory group and Peter Leane, head of the Nordic region, examine the lessons to be learned from the recent market turmoil

While many asset classes have taken a battering in the global financial downturn, timberland investment still shows growth

When asked what the big issues for the coming year will be, many Swiss pensions professionals find themselves hard-pressed to look beyond the current downturn. Pension funds will report at the end of December and many will have solvency ratios under the required 100 per cent.