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
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.