PenSam, Farum, Denmark, shifted €2.2 billion ($2.6 billion) in assets into a global equity risk premium allocation that fits its climate and sustainability strategy, run by Nordea Asset Management.
The 115 billion Danish kroner ($18 billion) pension fund had regional allocations with Nordea that have been combined into the new global strategy "with better integration of climate change," said Henrik Lorin Rasmussen, senior portfolio manager for investments, in an email. "There is only an insignificant change in AUM managed by Nordea." He did not specify the change.
The pension fund said earlier this year that it would move to a climate index from the MSCI ACWI index as the benchmark for the global equity portfolio.
"Changing the existing mandates to this new global mandate ticks the box for PenSam on a number of crucial parameters," CIO Claus Jorgensen said in a Nordea news release. "The mandate provides exposure to equity risk premia and at the same time manages to integrate the goals that PenSam has set in relation to climate and sustainability."
Nordea has a total €223 billion in assets under management.
Earlier this month, PenSam hired Amundi to manage €2.6 billion in passive global equities tracking the MSCI ACWI Climate Change index.
The appointment was also part of a reallocation of PenSam's existing equity portfolio.