DENMARK - The DKR11.4bn (€1.52bn) BankPension, an industry-wide pension fund for employees in the finance sector, will award a Los Angeles-based fund manager with a $10m European equity portfolio.

Leif Hasager, senior vice president and head of investment, explained that it was a move to make the passively managed European equity portfolio more active.

He declined to mention who previously managed the portfolio, nor did he want to be more specific about the new fund manager, as "the appointment has not been finalised yet. We expect to do so within the next two months".

The fund, which outsources nearly all of its holdings to external managers, has about 50% of its assets in global and emerging market equities, 42% in bonds, and 5.5% in private equity and the same amount in real estate.

In May Hasager told IPE that he is also a firm believer in emerging markets equities - the fund first bought into the asset class in 1994.