NORWAY - The NOK1.4bn Norwegian Larvik Kommunes Primæroppgavefond (Larvik local authority surplus fund) is prepping itself for a potential first foray into hedge funds.
According to Tor Sydnes, partner at Bergen-based Wassum Consulting which advises the fund, Larvik may still look at private equity or high yields, but is “more likely” to seek a hedge fund of funds manager. The issue is to be reviewed at the beginning of next year at the earliest.
“We are just concentrating on our current strategy which has been postponed because of the markets. Then we will improve this strategy.”
This delay in strategy referred to a NOK600m injection into existing equity briefs that the fund - which as part of its remit covers pension liabilities for the region - hoped to have implemented by Q4.
However, due to turbulent market conditions Larvik is now holding the monies in a money market portfolio until the situation has stabilised.
By Madhu Kalia
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.