Two founding pension funds of manager Unipension, Gentofte, Denmark, will move to Sampension next year following disagreements that led to a split in the firm and the resignation of its CEO.
Unipension manages and administers a collective 119 billion Danish kroner ($16.9 billion) in assets of the Architects’ Pension Fund, the Pension Fund for Danish M.A.s, M.S.s and Ph.D.s, and the Pension Fund for Agricultural Academics and Veterinary Surgeons. It was founded by the three pension funds in 2008, and has about 127,000 members.
In a statement on its website Monday, Unipension said the architects’ fund, which has about 7.2 billion kroner, and the agricultural and veterinary fund, with 11 billion kroner, chose to leave the provider, effective Dec. 31, 2016, unless an agreement is reached earlier. The remaining pension fund, with 89 billion kroner in assets, will continue as the sole owner of Unipension.
The statement said common ground could not be found among the three pension funds. Mette Carstad, chairman of the architects fund, and agricultural fund Chairman Erik Bisgaard Madsen, said in the statement that the pension funds could not agree to move fast enough on terms and principles that might generate revenues and reduce costs for members.
Cristina Lage, CEO at Unipension, resigned and will leave early next year. Jens Munch Holst, CFO and CDO, will be acting CEO.
Spokesmen for Unipension could not be reached for comment by press time.