DENMARK- Nordea Asset Management has announced it is centralising its European, US and global equity management in Copenhagen. At the same time it is centralising the management of Norwegian equities in Oslo while bringing its European fixed income operation to Copenhagen.

As part of the restructuring, which come days after the group appointed a new chief executive, Inga-Lill Carlberg has been appointed head of group clients within Nordea Investment Management. She retains her position as head of Nordea IM in Sweden and remains responsible for Nordic and Swedish equities, hedge funds and corporate governance.

Its Luxembourg sales office is being closed and the activities and staff are relocating to Frankfurt. “Luxembourg is predominantly a centre for investment fund administration and private banking and not an institutional market. There are very few institutional clients based in Luxembourg,” says Ole Jacobsen, head of Nordea Investment Management.

Nordea, which has e100bn under management, says the restructuring will affect around 35 employees, most of whom are expected to move to other jobs within the Nordea Group.

Nordea says the move is not driven primarily by cost cutting but is designed, according to Jacobsen, so as the group can change emphasis to areas such as stock research and asset allocation.

“We decided to concentrate fully our investment process in Copenhagen. We’re not cost cutting, rather it’s about being able to finance growth areas of our business without increasing headcount,” says Jacobsen.

Nevertheless, Nordic Investment management firms are facing increasing competition from overseas managers. Sweden’s SEB Invest has laid off a lot of its workforce and closed international offices, including its London outlet which was wound up at the beginning of the year.