DENMARK - The DKK24.5bn (€3.3bn) Danish teachers' pension fund, Lærernes Pension, has selected Gudme Raaschou and FMS04 to manage a Danish equities portfolio.

Anders Bertramsen, portfolio manager for Lærernes, told IPE the portfolios of an undisclosed size were previously managed by Bankinvest and PFA.

Betramsen declined to comment on the reasons why both managers had been replaced, though he told IPE last month the review could result in "a minor strategy change".

He added at the time, after conducting a search on IPE-Quest, the fund had chosen AllianceBernstein for a $50m (€37.5m) Japanese equity brief - replacing Bankinvest.
Wellington replaced Pimco in September on an emerging market debt mandate, while the fund also chose two boutiques - Post Advisory Group based in Los Angeles and Texas-based Sanders Morris Harris Capital Advisors - in April to replace T.Rowe Price and Capital International on a high-yield mandate.

The fund is not seeking to make any more appointments until the end of the year, but will set up a review plan for its asset classes early next year.

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