SWEDEN – Nordea Investment Management, the fourteenth largest manager of European pension fund assets, says it will cut its payroll by 55 or 15% due to the “continued unfavourable business environment”.
“As a result of the continued unfavourable business environment, Nordea Investment Management has decided to strengthen focus and enhance cost efficiency,” Nordea said in a statement.
“The number of staff is expected to be reduced by 55, equivalent to 15% of the present staff in Nordea Investment Management,” it added. The staff will leave in the first half of 2003. It said that asset management remains a “strategic focus” within Nordea.
Nordea has lost several mandates in the last few months. It was dumped by the Swedish Foundation for Strategic Research and the Swedish church insurance association in October.
Nordea IM manages 28.6 billion euros in European pension fund assets and is part of Sweden’s Nordea AB group.