NORWAY – Nordea AB has sold its pension services arm to Norwegian consultant Gabler Radgivning.

Nordea Pension Services AS, the leading pension service provider to the utility sector in Norway, and third largest provider of institutional services to corporations and municipal plan customers, is to be taken over by Gabler.

The price was not disclosed. The company will operate under the name Gabler & Partners – actuaries and pensions consulting.

Gabler, which presently offers actuarial consulting, investment consulting and management of non-life insurance products, and will take on NPS’s 26 employees and systems.

The move follows a change in strategy for Nordea Investment Management (NIM), which has resulted in a focus on core business – active portfolio management.

Henrik Priergaard, head of NIM said that it was felt that it was hard to concentrate on the asset side and return on portfolios while dedicating resources to the consultant and accounting service at the same time.

Commenting on the sale, Christian Fotland, general manager of Nordea Pension Services, said that the Nordea Norwegian employee pension fund will now be Gabler’s largest client.

Gabler also provides pensions administration services to Norway’s hydro-electric power plants, and ex-government-owned companies.