DENMARK - Danica Pension, Denmark's biggest commercial pensions institution, is on the search for a new managing director to head up operations following the promotion of its existing chief to the board of parent company Danske Bank.

Henrik Ramlau-Hansen has been appointed chief financial officer and member of the executive board at Danske Bank Group with effect from 1 January 2011.

He will succeed Tonny Thierry Andersen, who has already been appointed head of Danske Bank Denmark.

The promotion leaves Danica Pension looking for a new managing director.

A Danske Bank spokesman said: "We've started a search process to find a successor, but that's still in progress."

Peter Straarup, chief executive of the Danske Bank Group, said Ramlau-Hansen had been a successful chief executive of Danica Pension.

"His strategic and analytical skills combined with his insight into risk management give him a strong platform for his new position as group CFO and member of the executive board," he said.

Ramlau-Hansen has headed up Danica Pension since 2000, having spent the previous 11 years as head actuary at the pensions arm.

He is an actuary by profession and holds a doctorate degree in actuarial mathematics from the University of Copenhagen.

Danica Pension managed total assets of approximately DKK 284bn (€38.1bn) as at the end of June.