DENMARK - The DKK39bn (£4.5bn) Industriens Pension, the DKK1.8bn (GBP191m) Pensionskassen for Håndværk og Industri (PHI Pension) and the DKK4.7bn (GBP499m) Pensionskassen for Nærings- og Nydelsesmiddelområdet (PNN Pension) have agreed to merge with an effect from January 2010, MandateWire reports.
Industriens Pension will now take on around 56,000 new members from PHI Pension and PNN Pension, but no one at Industriens Pension was available to comment on whether the move will affect the fund's current investment strategy.
Administration of PNN Pension og PHI Pension has been outsourced to AP Pension since 1992, but as a result of the merger this collaboration is now coming to an end. "At AP Pension we have been very happy working with PNN/PHI for 16 years and we are sorry that the cooperation will end in 2009.
"On the other hand, we understand that PNN/PHI is seeking a wider community to secure members' interests in the longer term," said AP Pension's CEO Hans Boye Clausen.
PHI Pension and PNN Pension chairman and head of NNF Trade Union Ole Wehlast said: "The collaboration with Industriens Pension gives our members new options and their pension funds continue to be actively managed.
"Historically members of Industriens Pension have had higher returns compared to many other pension funds."
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