DENMARK - Industriens Pension produced a 0.6% return over 2007, but lowered its member costs by 10%.
Real estate performed badly for the fund, with a -22.2% return across the year.
The release of the results came as it was announced Investec has been appointed by Industriens Pension to provide currency management of £14m (US$27.1m).
This amount would be leveraged to be worth £216m, according to the asset manager.
Jan Østergaard, CIO, Industriens Pensionforsikring, said: "We believe that active management of the fund pays off for our members.
"We announced in May 2007 that we intended to diversity our portfolio into non-core asset classes, and this mandate is a result of that decision."
Richard Garland, managing director, international distribution, Investec, added: "The low correlation of currency markets to other asset classes provides an opportunity for well-informed investors to both add a separate source of alpha to their portfolio and diversify part of their risk, and it is this fact which has helped cause a surge in interest in our currency products by institutional investors."
Industriens Pension has produced an average annualised return of 8.4% since its inception in 1993.
In January 2007, the fund awarded a DKK372m Japan Small Cap equities mandate to State Street Global Advisors (SSgA).
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
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