DENMARK – The 2.4 billion-euro Danish medical industry pension fund Pen-Sam says it has awarded 200 million dollars in enhanced indexed global equities to State Street.

Pen-Sam portfolio manager Hanne Roj-Larsen said the fund has withdrawn the funds from Nordea Investment Management, though she declined to say how much Nordea now manages.

Henrik Priergaard, head of Nordea Investment Management, declined to comment. State Street Global Advisors' marketing director Kanesh Lakhani was not immediately able to comment.

State Street was chosen from a short list of four managers, though Roj-Larsen declined to name the other managers. No consultant was involved in the selection.

She said the Boston-based outfit was chosen because of its investment process and philosophy, as well as performance record.

The mandate, originally advertised on IPE-Quest in February 2003, will be benchmarked against the MSCI World Developed Markets Net Index. The fund has 200,000 members and 50,000 pensioners.

Elsewhere in Denmark, Citigroup Asset Management says it has been awarded an 80 million-dollar emerging markets equity mandate by 9.7 billion-euro pension administration company PKA, Pensionskassernes Administration.

“As one of Denmark’s premier pension funds, PKA is an important new relationship for us. We are delighted to be working with them on this new allocation,” said Paul Timlin, the firm’s regional sales director for continental Europe.

“In 2003 we were selected to manage over 1.5 billion dollars in new assets from large Danish and Dutch pension investors alone in areas such as emerging equities, small cap, emerging bonds, high yield and investment grade corporate debt.”

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