Danish pension fund Lønmodtagernes Dyrtidsfond (LD) has appointed Carnegie Asset Management and Impax Asset Management to take on two investment mandates.

Carnegie Asset Management won a Danish equities mandate that was being tendered by the DKK53.3bn (€7.14bn) fund, and UK firm Impax Asset Management won an environment and climate mandate, LD said.

The two new contracts are expected to be in place by 1 April 1.

LD said there was stiff competition between investment managers to win the two mandates.

Factors such as the quality of investment process, managers’ investment competence and the ability to achieve a good return had carried a heavy weight in the selection process, LD said.

Risk management and administrative processes were also important in the eventual choice.

Managers’ fee levels had also been important, it said, but it added that price in itself had not been a crucial selection criterion.

Bente Anderskouv, head of equities at LD, said: “The mandates we sent out to open competition were attractive ones, so we knew in advance we would be offered reasonable prices.”

She said it was satisfying to find that LD had been able to find a couple of managers that were not just good at their job but also suited the way LD liked to work.

LD did not disclose the value or duration of the mandates awarded.