DENMARK - The ATP Group posted a loss of DKK2.4bn (US$425.8m) for the first quarter of 2009 mainly due to losses on the Special Pension Savings Scheme (SP).
ATP chief executive Lars Rohde said: "As a result of the Danish Government's Spring Package 2.0, SP account holders will extraordinarily be entitled to withdraw their SP savings this year. This has prompted us to adjust our investment strategy." (www.globalpensions.com: 24/04/09)
He said: "In March, we decided to reallocate 25% of SP's equity investments to cash in a rising equity market. The reallocation was founded in a wish to meet the objective of the Danish Government's bill without affecting markets during the disbursement period."
ATP said its infrastructure and real estate investments, along with equity allocations, negatively impacted returns. It added the equity return was -3.8%.
Despite the negative results of the group, Rohde said ATP pensions were safe.
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