Lonmodtagernes Dyrtidsfond, Copenhagen, Denmark, hired eight new active managers and rehired LD Invest, a manager owned by the 54 billion Danish kroner ($10.1 billion) pension fund, to run a combined €5.7 billion ($8 billion), according to a news release.
MFS Investment Management and Wellington Management will manage a combined €1.25 billion in global equities, Western Asset Management will run €500 million in a credit portfolio and Schroder Investment Management will handle €200 billion in emerging markets equities.
Nordea Investment Management will run €125 million in short-term Danish bonds, Impax Asset Management will manage €75 million in environment and climate-themed equities, and Fischer, Francis, Trees & Watts will run €50 million in global inflation-linked bonds.
LD Invest, which had managed most of the €5.7 billion prior to the restructuring, will jointly manage €2.6 billion in Danish high-grade bonds with Nordea and will share an €850 million Danish equity portfolio with Carnegie Asset Management, as well as retain a €50 million Danish money market mandate. Information on the split between managers in the joint mandates was not available at press time.
“In the long run, the agreements ensure that we will be able to maintain a low cost level,” Carsten Koch, managing director of LD, said in the news release.
Mr. Koch couldn’t be reached by press time for further comment.
Consultants PPCmetrics and PA Consulting Group advised.
