DENMARK - Laerernes, the DKK24bn (€3.8bn) industrywide fund for teachers, has appointed Wellington Management for a hard currency emerging market debt mandate.

The mandate is for US$50m although that sum is likely to increase over the coming years.

Wellington was selected a month ago, though the scheme has not funded the company yet.

Laerernes has three emerging market debt mandates: one in local currencies, one in a mixture of local and hard; and one in hard debt.

All told, the mandates are worth US$180m and are likely to grow, a spokesman told IPE in February.

Because of exposure to local currencies in the first two mandates, the fund said in February it is keen to restrict the third portfolio to hard currency issuance.

However, Anders Bertramsen, portfolio manager at Laerernes, told IPE today Wellington has been given some latitude to invest in local currencies.

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