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
AkademikerPension ESG head slams new SBTi standard
Rikke Berg Jacobsen is concerned about SBTi’s approach to using certificates and credits in lieu of direct decarbonisation for some types of emissions
Iceland’s Gildi and Festa strike up merger talks
Boards say the two pension funds are clearly similar in nature and structure, including very similar rights system and articles of association
AP2 warns of stalling progress on gender-balanced boards in Sweden
Buffer fund CEO says growing gender balance on executive boards shows competence exists, but not yet fully reflected in boardrooms
IPE Nordic Briefing: Nordic pension funds on Arctic protection
Nordic pension funds – Danish ones in particular – made their voices heard on Arctic protection following EU Commission’s position on oil and gas
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.
VER’s Suhonen: ‘Markets have a way of looking past conflict and recovering’
Antti Suhonen has taken the helm at Finland’s €25.7bn state pension buffer fund after three decades in London’s financial markets
AkademikerPension ESG head slams new SBTi standard
Rikke Berg Jacobsen is concerned about SBTi’s approach to using certificates and credits in lieu of direct decarbonisation for some types of emissions
Nordic pension funds embrace AI for efficiency and insight
Major Nordic pension funds are rapidly adopting artificial intelligence to achieve cost savings, improve performance and gain insights, though concerns remain about data privacy and ethics
Iceland’s Gildi and Festa strike up merger talks
Boards say the two pension funds are clearly similar in nature and structure, including very similar rights system and articles of association
AP2 warns of stalling progress on gender-balanced boards in Sweden
Buffer fund CEO says growing gender balance on executive boards shows competence exists, but not yet fully reflected in boardrooms
IPE Nordic Briefing: Nordic pension funds on Arctic protection
Nordic pension funds – Danish ones in particular – made their voices heard on Arctic protection following EU Commission’s position on oil and gas
New Danish government vows task force for institutional investment in startups
Pensions lobby bemoans no axing of special tax on insurance and pension sector in Frederiksen-led government programme
Sweden mulls changing AP funds’ illiquid asset rules after Northvolt lessons
AP4 welcomes review, and says buffer fund is already addressing several of report’s main recommendations
Almenni-Lífsverk eyes second merger in months as €7.2bn tie-up with SL takes shape
Icelandic pension fund pair to explore potential merger; joint fund would be country’s fourth largest
AP7 excludes 600 companies in response to ‘unpredictable world’
Swedish pension fund said that current geopolitical and economic uncertainty had prompted a rethink of its strategy
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
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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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