DENMARK- PFA Pension has acquired Nordic Asset Management in a bid to manage money for institutional investors outside of its existing client base.
Acquiring Nordic will allow the firm to offer services to other institutional investors - including labour market pension companies.
Officials declined to disclose terms of the deal, which closed yesterday.
PFR secretary Frederik Bjorn said he expects to see assets bond manager Nordic double in the next two years form its current DKK28bn. Bjorn added that growth will come from all asset classes, not just fixed income.
Nordic managing director Peter Ott said: "We've been specializing in fixed income and our clients want to diversify." He said new clients will gain access to PFR's equity, private equity and alternative strategies.
Ott said the firms will not likely develop new products, but rather expand the reach of existing ones. He said there will be no changes to Nordic's staff as a result of the acquisition.
PFA posted strong returns of 2.5% making it the only company in its peer group to reap positive results last year.
In PFA's annual report released yesterday, the firm said: "The sound return was obtained by reducing risky assets from 29% to 13% during the year. Risky assets include shares, credit bonds and unlisted investments. Furthermore, PFA's interest hedging had a positive impact on the investment return."
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