SCANDINAVIA – AMF Pension has announced a 3.6% return on investments for the first quarter, with assets under management rising to some SEK250bn (€26.8bn).

According to a spokesperson for the scheme, equities were the top performing asset class. There were also some negative results, but the spokesperson declined to comment further.

AMF Pension has a fairly traditional investment portfolio consisting of equities, bonds and real estate. The scheme told IPE it was not considering investing in alternatives for the foreseeable future, but declined to comment further.

AMF returned 2.4% in the first quarter last year and 16% in the fourth quarter of 2005, a spokesperson said.

He added that “a good asset mix” resulted in the fund’s positive returns. Furthermore, AMF is expected to be among the top performing Swedish pension schemes this quarter.

In other news, Denmark’s largest labour market pension fund PensionDanmark announced a 1.1% return on investments and a 14% climb in premiums in the first quarter.

Total assets reached DKK54.2bn at the end of the quarter – 25% greater than the first quarter of 2005.

“The positive development in 2005 has continued into the first quarter of 2006,” said managing director Torben Möger Pedersen.

“The large growth in premiums reflects the growth in employment as well as the continuing accession of new members.”

The half-year report is expected on August 22.