Varma Pension Insurance Co., Helsinki, selected Nordea Asset Management to manage $240 million in emerging market equity with a sustainable focus.
The allocation was made to Nordea's Emerging Stars Equity Fund, according to a news release on the fund's website Wednesday.
The investment was made in an effort to reduce climate-change risk and contribute to the United Nation's Sustainable Development Goals, Varma said.
"Varma has an investment portfolio valued at €47 billion ($57.4 billion), and sustainability is an integrated part of our investment process. We want to be an active, responsible investor globally, and we were looking for a product for the emerging markets," Timo Sallinen, head of listed securities at Varma, said in the release.
"Nordea has a highly efficient process in responsible investments, and the fund has a solid track record. Thus, the fund is a good fit for our portfolio," he said.
Varma has €2 billion in listed emerging market equity investments. A spokesman could not be reached to provide additional details.
