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Several Norwegian municipalities have moved their group pensions schemes to Storebrand ahead of the obligatory tjenestepensjon (OTP) reform, which requires all Norwegian private sector employers to offer their employees group pension plans from January 2006.
Storebrand’s new pension scheme clients include the municipalities of Fjell, Frogn, Lier, Skodje, Sola and Øvre Eiker. In addition, Oslo Sporveier, Oslo’s municipal public transport company, Lyse Energi and Trondheim’s Hospital have transferred their schemes to Storebrand. The transfers have increased Storebrand’s assets by more than NKr4.4bn (€554m).
NTGI secures Nordea sub-advisory business
Northern Trust Global Advisors, the manager of managers operation of Northern Trust Global Investments (NTGI) is to provide manager research, selection and monitoring expertise to Nordea’s new manager of managers funds.
Nordea’s Choice funds, to which NTGI will act as sub-adviser, will be sold via Nordea’s life and pensions distribution channels. The first two funds – a global and a pan-European equity fund – were launched in Finland in November 2005. They will also be available in Sweden, Norway and Denmark after having received the approval of local regulators. NTGI manages assets worth approximately US$607bn.
