Nordic Region Investment and Pensions
Latest news and analysis of pensions, asset management, regulation and trends in the Nordic Region from our award-winning journalists.
Pension Funds in the Nordic Region - Country Report
Nordic Region pension funds report 2025: ATP hits back at critics on risk structure
An academic discussion in a leading business journal has spilled over into a fully fledged debate with the fund’s leadership
AP4 leads Swedish buffer fund returns as forex hedging pays off
With legal obligation to protect against currency fluctuations, AP3, AP4 take weaker hit from krona strength than AP7
Velliv Foreningen CEO lauds Danish pension system, ponders next step
Over his 40-year career in pensions so far, Lars Wallberg has seen profound changes in Denmark’s pension system
Schroders, JP Morgan among US, UK winners in Swedish FTN’s biggest tender
Big ticket sizes was key in attracting the best asset managers for premium pension savers, Swedish agency says
Swedish pension providers urged to rethink allocation, decumulation design
Consultancy Arkwright recommends a structurally higher allocation to unlisted assets, arguing that value creation is increasingly concentrated in private markets
TOP NORDIC REGION PENSION FUNDS 2025
Pension fund/entity | Assets (€’000)
Denmark
- PFA Pension | 110,970,374
- Arbejdsmarkedets Tillaegspension (ATP) | 96,249,172
- Danica Pension | 73,685,503
Finland
- Keva | 70,700,000
- Varma Mutual Pension Insurance Co. | 65,364,566
- lmarinen | 64,409,516
Iceland
- Lífeyrissjóður starfsmanna ríkisins | 10,844,672
- Lífeyrissjóður verslunarmanna | 10,089,045
- Gildi lífeyrissjóður | 7,798,458
Norway
- Norway Government Pension Fund Global | 1,657,449,581
- Kommunal Landspensjonkasse (KLP) | 101,052,311
- Folketrygdfondet | 32,227,823
Sweden
- Sjunde AP-fonden (AP7) | 125,029,388
- Alecta Pensionsförsäkring | 121,161,572
- AMF | 73,990,350
©IPE Research; View the Top 1000 European Pensions Funds 2025 for a comprehensive market overview
Interviews
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To build capital markets that work for people, Europe should look to Sweden
Sweden’s capital market success offers the EU a practical model for building inclusive, resilient markets
Sweden’s stockmarket star shines for Europe
If trade wars and the decline of the dollar against the euro hadn’t already spooked them enough this year, European investment committees might be forgiven for worrying about the sector concentration of their portfolios after the equity market rally since the spring.
AP4 leads Swedish buffer fund returns as forex hedging pays off
With legal obligation to protect against currency fluctuations, AP3, AP4 take weaker hit from krona strength than AP7
Velliv Foreningen CEO lauds Danish pension system, ponders next step
Over his 40-year career in pensions so far, Lars Wallberg has seen profound changes in Denmark’s pension system
Schroders, JP Morgan among US, UK winners in Swedish FTN’s biggest tender
Big ticket sizes was key in attracting the best asset managers for premium pension savers, Swedish agency says
Swedish pension providers urged to rethink allocation, decumulation design
Consultancy Arkwright recommends a structurally higher allocation to unlisted assets, arguing that value creation is increasingly concentrated in private markets
NBIM sets guardrails on corporate use of environmental attribute certificates
Oil fund manager makes clear companies should prioritise reducing emissions from own operations and value chains
AP7 to pilot test wider insourcing of SEK1.36trn passive portfolio
Geopolitical situation is one of the reasons behind Swedish pensions giant’s move to bring lion’s share of equities in house
Swedish lobby troubled by commission’s misunderstanding of pensions
Insurance Sweden’s Erlandsson warns raising pensions capital tax creates uncertainty and interferes with complex interplay in pension system
PBU’s new CIO vows to stick with investment strategy
Danish pension fund’s alternatives chief Johannes Bill Ladegaard takes over role previously held by Carsten Warren Petersen
AP2 sees half the AP6 transition portfolio turning into cash in two years
Ahead of expansion, AP2 returns just 4.6% in 2025, citing currency effects
‘Pension funds are economically interesting creatures with deep social relevance’
The outgoing CEO of Finnish pension fund lobby group TELA speaks to Rachel Fixsen about intellectual challenges, taking difficult advocacy positions and her future plans
TOP MANAGERS: NORDIC REGION INSTITUTIONAL ASSETS
Company | Assets (€m)
- SEB | 109,623
- BlackRock | 78,898
- DNB Asset Management | 65,089*
- State Street Global Advisors | 41,457
- Nordea Asset Management | 40,819
- Nykredit Asset Management | 29,648
- Storebrand Asset Management | 28,784
- Northern Trust Asset Management | 28,421
- BNP Paribas Asset Management | 21,095
- Jyske Capital, Jyske Bank | 10,093
As at 30.9.3.24, *12.11.24
©IPE Research; Sign up to IPE Profesional to see all the data in the latest country report
IPE BEST PENSION FUND IN THE NORDIC REGION AWARD WINNERS
Nordic Region
- 2023 - The Swedish Fund Selection Agency
Denmark
- 2022 - Industriens Pension
- 2021 - PensionDanmark
- 2020 - PensionDanmark
- 2019 - ATP | PensionDanmark
Norway
- 2022 - KLP
Sweden
- 2022 - Alecta pension insurance, mutual
- 2021 - Fjärde AP-fonden (AP4)
- 2020 - Fjärde AP-fonden (AP4)
- 2019 - Swedish Pensions Agency
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