Danish labour-market pension fund Industriens Pension has revamped the structure of its listed investments department, creating separate teams for equities and bonds. 

As part of the change, the DKK183bn (€24.5bn) Copenhagen-based fund has made two new appointments from within its ranks, naming Morten Rask Nymark as head of listed equities and Anders Ellegaard as head of listed fixed income.

Ellegaard, who will lead investment in sovereign and corporate bonds, money market and currency, has been a senior portfolio manager at Industriens Pension, with a focus on external managers.

Rask Nymark, meanwhile, has been the pension fund’s European equities chief.

Until the beginning of November, the listed investments department had a single leader in Peter Lindegaard.

Lindegaard was then promoted to the role of CIO to replace Karsten Kjeldsen when Kjeldsen was poached by the Danish Teachers’ Pension Fund, Lærernes Pension, to become its new chief executive.

Industriens Pension said it was Lindegaard who made the decision to change the organisational structure of listed investments, “due to a desire to bring together the expertise within the large asset classes in focused teams that cross external and internal management”.

Lindegaard commented on the new promotions, saying: “Within Industriens Pension, Morten has achieved very good results in European equities, while Anders has worked with great success in selecting external managers and establishing a new asset class, other credit.”

Industriens Pension has DKK125bn of listed investments, including some DKK75bn in different types of bonds from high-yield and emerging markets bonds to Danish mortgage bonds, and about DKK50bn in listed equities.