Norway’s PKH pension fund allocates to global high-yield ESG bond fund

Pensjonskassen for helseforetakene i hovedstadsomradet, Oslo, invested in BlueBay Asset Management’s new global high-yield ESG bond fund, confirmed Mariann Steine Bendriss, chief financial officer at the pension fund.

The size of the investment was not disclosed; Ms. Bendriss said the fund does not disclose information outside year-end reporting.

PKH, the pension fund for health authorities in Oslo, has 22 billion Norwegian kroner ($2.7 billion) in assets.

BlueBay launched the fund in response to demand for greater incorporation of environmental, social and governance factors into its fixed-income strategies. It worked with consultant Mercer and PKH, said a news release by the $50 billion money manager. The firm’s ESG investment strategies encompass negative screening to cover controversial weapons, tobacco and coal-based energy companies; conduct-based screening, which draws on United Nations Global Compact principles; and engagement.