DENMARK - Bank//Pension, the DKK 9.9bn (e1.3bn) pension fund for Danish financial sector employees, has awarded State Street Global Advisors (SSgA) a US$160m (e119m) global enhanced equity mandate.
Leif Hasager, the fund’s head of investments, would not reveal the name of the investment manager who had been replaced but said the new appointment was made for performance reasons.
Jyske Invest Administration A/S has been appointed by Bank//Pension to administer the mandate.
“SSgA is the manager and then there’s an administrative wrapping on it,” Hasager said.
“It simply means that it’s a fund registered in Denmark and then [Jyske Invest] do the reporting to us… it’s for convenience.”
Commenting on the reason for selecting SSgA, he said: “SSgA’s risk-controlled strategies, which aim to deliver consistent excess return over the benchmark, is exactly what we were looking for. The combination of SSgA’s capabilities with Jyske Invest’s administration gave the strategy the local dimension we needed.”
The fund’s asset allocation stands at 30% global equities, 30% high grade bonds, 10% high yield, 10% emerging market bonds, 10% emerging market equities, 5% private equity, 3% small cap and 2% cash.
Hans Jorgen Larsen, managing director of Jyske Invest, said: “This agreement is part of the strategic partnership between State Street Global Advisors and Jyske Invest to promote and manage SSgA’s funds in Denmark.
“Fund management is one of Jyske Invest’s main focus areas, and we are pleased that SSgA and Bank//Pension have chosen to collaborate with us.”
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