mast image

Special Report

Impact investing

Sections

Ilmarinen cuts stake in insurer Pohjola

FINLAND – Ilmarinen, the €15.9bn occupational pensions provider, has reduced its stake in insurance firm Pohjola to 9.24% as part of a transaction which has seen Suomi Mutual's holding in Pohjola rise to 49.64%.

“The changes in ownership proportions are based on a share transaction concluded between Suomi Mutual and Ilmarinen,” said Pohjola in a statement. Suomi Mutual bought 25.24m Pohjola shares from Ilmarinen -corresponding to 16.48%.

The transaction was made through call and put options specified in the shareholder agreement regarding Pohjola signed by Suomi Mutual and Ilmarinen in February last year.

Suomi Mutual's and Ilmarinen's holdings of votes and share capital in Pohjola on January 3, 2005 are follows:

Pohjola added that it would repurchase a maximum of 2m of its own shares from January 10. It said: “The shares will be acquired in order to develop the company's capital structure, to finance acquisitions or other arrangements, if any, to put into effect incentive systems of the company or its subsidiaries, or to be otherwise conveyed, or to be invalidated.”

The move comes against the background of a massive reform of Finland’s statutory earnings-related pension scheme which came into force at the start of this month.

The main aim is to encourage people to go on working and to keep the pension expenditure at a reasonable level. The reform also lays the foundation for harmonisation and simplification of the current pension legislation.

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2548

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 300-400m.
    Closing date: 2019-07-30.

  • QN-2549

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 300-700m.
    Closing date: 2019-07-30.

  • QN-2550

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2551

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2552

    Asset class: Fixed Income, High Yield (Active).
    Asset region: High Yield (US).
    Size: CHF 500-600m.
    Closing date: 2019-07-29.

  • QN-2553

    Asset class: Fixed Income, High Yield (Passive or Passive Enhanced).
    Asset region: High Yield (US).
    Size: CHF 500-1'100m.
    Closing date: 2019-07-29.

  • QN-2554

    Asset class: Global Real Estate (Equity, unlisted Funds).
    Asset region: World (ex-Switzerland).
    Size: CHF 200 mn (potential for further growth).
    Closing date: 2019-08-07.

  • QN-2555

    Asset class: Real Estate.
    Asset region: European.
    Size: EUR 50 - 100 million.
    Closing date: 2019-07-22.

  • QN-2556

    Asset class: FX Hedging.
    Asset region: Global.
    Size: Mandate size of CHF 1.5 bn.
    Closing date: 2019-08-09.

  • QN-2557

    Asset class: All/large Cap Equities.
    Asset region: China A-shares.
    Size: Unit linked platform (0m USD in initial investment).
    Closing date: 2019-08-01.

Begin Your Search Here
<