Norwegian fishermen name fund managers
NORWAY - The NOK630m (€70.6m) Garantikassen for Fiskere pension fund has appointed DnB NOR Kapitalforvaltning ASA and ABN Amro Kapitalforvaltning as its new asset managers.
Advised by Oslo-based Pensjon & Finans, the Norwegian pension support scheme for fishermen tendered the portfolio earlier this year - DnB NOR and ABN Amro won as the most economically advantageous tenders.
The mandate is equally split, with both DnB NOR and ABN Amro investing 80% of their award in Norwegian bonds and the remaining 20% in Norwegian shares.
The fund was previously managed by DnB Nor and another, unnamed, asset manager; however, the latter company pulled out after a change of management.
Therefore the fund tendered for portfolio management services earlier this year, explained the spokesman, as it again wanted to have the "competition" of two funds.
The fund awarded the split mandate for the management of its portfolio to the two asset managers at the end of June, a spokesman for the scheme said; DnB Nor and ABN Amro started the mandate in July this year.