PenSam, Farum, Denmark, hired Amundi to manage €2.6 billion ($2.9 billion) in passive global equities tracking the MSCI ACWI Climate Change index.
The appointment of Amundi is part of a reallocation of PenSam's existing equity portfolio, said Henrik Lorin Rasmussen, senior portfolio manager-investments, at the Danish labor market pension fund. PenSam has 155 billion Danish kroner ($23.3 billion) in assets.
Other managers also run part of the equity portfolio. The asset allocation could not be learned. Mr. Rasmussen added that the pension fund does not disclose previous managers.
The pension fund announced earlier this year that it would move to the climate index from the previously used MSCI ACWI index to support the green transition and reduce the pension fund's carbon impact.
PenSam launched a search in December, Mr. Rasmussen said.
"The mandate will be key to achieving our key goals of strong returns, integration of climate objectives and low cost," said Claus Jorgensen, CIO of PenSam, in an Amundi news release.
Amundi's exchange-traded funds, indexing and smart beta unit has more than €112 billion in assets under management.
