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Apteekkien Eläkekassa, the €400m Finnish Pharmacy Pension Fund, is to appoint a manager to run almost half of its total assets. The tender is for 40 per cent of the fund’s portfolio, a mandate worth €175m that is equally divided between bonds and equities. SEB Gyllenberg has been the appointed manager for the last three years.
“According to our strategy, we should put out a tender for our main manager every third year. We might keep our current manager SEB Gyllenberg, which we have had very pleasant ties with. But all eight tenders seem very interesting and it is too early to say who the next manager will be,” said Kari Joutsa, managing director. “We are expecting to have our new mandate up and running by the end of the year”
He added: “We do not have direct equity investments, which is a strategy we have had for four years. As a small pension fund, it is much easier and requires fewer staff.”
Mr Joutsa has until recently been the only one working with investments at the fund. It has now added Tommi Mäkelä as investment manager, who joins from Alko’s pension fund.
The fund returned 6.8 per cent in the first six months and has around 30 per cent invested in equities and bonds respectively. It also has an exposure of almost 20 per cent to property and 10 per cent allocated to hedge funds.
CL
