Nordic Region Investment and Pensions
Latest news and analysis of pensions, asset management, regulation and trends in the Nordic Region from our award-winning journalists.
Pension Funds in the Nordic Region - Country Report
Nordic Region pension funds report 2025: ATP hits back at critics on risk structure
An academic discussion in a leading business journal has spilled over into a fully fledged debate with the fund’s leadership
Sweden mulls changing AP funds’ illiquid asset rules after Northvolt lessons
AP4 welcomes review, and says buffer fund is already addressing several of report’s main recommendations
Almenni-Lífsverk eyes second merger in months as €7.2bn tie-up with SL takes shape
Icelandic pension fund pair to explore potential merger; joint fund would be country’s fourth largest
AP7 excludes 600 companies in response to ‘unpredictable world’
Swedish pension fund said that current geopolitical and economic uncertainty had prompted a rethink of its strategy
AP2 strengthens human rights, deforestation and climate requirements for external managers
Swedish pension fund’s latest sustainability report reveals efforts across unlisted assets including private equity and real estate
TOP NORDIC REGION PENSION FUNDS 2025
Pension fund/entity | Assets (€’000)
Denmark
- PFA Pension | 110,970,374
- Arbejdsmarkedets Tillaegspension (ATP) | 96,249,172
- Danica Pension | 73,685,503
Finland
- Keva | 70,700,000
- Varma Mutual Pension Insurance Co. | 65,364,566
- lmarinen | 64,409,516
Iceland
- Lífeyrissjóður starfsmanna ríkisins | 10,844,672
- Lífeyrissjóður verslunarmanna | 10,089,045
- Gildi lífeyrissjóður | 7,798,458
Norway
- Norway Government Pension Fund Global | 1,657,449,581
- Kommunal Landspensjonkasse (KLP) | 101,052,311
- Folketrygdfondet | 32,227,823
Sweden
- Sjunde AP-fonden (AP7) | 125,029,388
- Alecta Pensionsförsäkring | 121,161,572
- AMF | 73,990,350
©IPE Research; View the Top 1000 European Pensions Funds 2025 for a comprehensive market overview
Interviews
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To build capital markets that work for people, Europe should look to Sweden
Sweden’s capital market success offers the EU a practical model for building inclusive, resilient markets
Sweden’s stockmarket star shines for Europe
If trade wars and the decline of the dollar against the euro hadn’t already spooked them enough this year, European investment committees might be forgiven for worrying about the sector concentration of their portfolios after the equity market rally since the spring.
Sweden mulls changing AP funds’ illiquid asset rules after Northvolt lessons
AP4 welcomes review, and says buffer fund is already addressing several of report’s main recommendations
Almenni-Lífsverk eyes second merger in months as €7.2bn tie-up with SL takes shape
Icelandic pension fund pair to explore potential merger; joint fund would be country’s fourth largest
AP7 excludes 600 companies in response to ‘unpredictable world’
Swedish pension fund said that current geopolitical and economic uncertainty had prompted a rethink of its strategy
AP2 strengthens human rights, deforestation and climate requirements for external managers
Swedish pension fund’s latest sustainability report reveals efforts across unlisted assets including private equity and real estate
#29 Leaders in Investment podcast: Rasmus Bessing, Co-Chief Investment Officer Responsible Investments and Investment Products, PFA
In conversation with Liam Kennedy, Editorial Director, IPE
Sampension, KLP among Nordic pension funds warning EU off Arctic oil U-turn
Commission urged to double down on commitment “to protect the fragile ecosystems north of the Arctic Circle from new oil and gas infrastructure”
National pensions tracking experts see limited scope for integrated European service
Creating a pensions tracking service “not a development that can take place from one day to another”, says Dan Adolphson Björck of Sweden’s minPension
Defence and sustainable investment debates need more nuance, says Eurosif
New Eurosif paper highlights varying investor approaches as asset owners assess whether defence can sit inside sustainable strategies
Blockchain has arrived but are Nordic pension funds ready?
A new survey shows 2.5 million Nordic adults now own crypto, and younger generations hold more of it than listed shares. This means blockchain should be a present consideration for the region’s pension funds
Swedish pension company SEB Gamla Liv rethinks investment strategy
Stockholm-based pension company SEB Gamla Liv is contemplating solutions to maintain its trademark strategy of a large allocation to illiquid assets. CEO Erik Kleväng Callert talks to Caroline Liinanki
TOP MANAGERS: NORDIC REGION INSTITUTIONAL ASSETS
Company | Assets (€m)
- SEB | 109,623
- BlackRock | 78,898
- DNB Asset Management | 65,089*
- State Street Global Advisors | 41,457
- Nordea Asset Management | 40,819
- Nykredit Asset Management | 29,648
- Storebrand Asset Management | 28,784
- Northern Trust Asset Management | 28,421
- BNP Paribas Asset Management | 21,095
- Jyske Capital, Jyske Bank | 10,093
As at 30.9.3.24, *12.11.24
©IPE Research; Sign up to IPE Profesional to see all the data in the latest country report
IPE BEST PENSION FUND IN THE NORDIC REGION AWARD WINNERS
Nordic Region
- 2023 - The Swedish Fund Selection Agency
Denmark
- 2022 - Industriens Pension
- 2021 - PensionDanmark
- 2020 - PensionDanmark
- 2019 - ATP | PensionDanmark
Norway
- 2022 - KLP
Sweden
- 2022 - Alecta pension insurance, mutual
- 2021 - Fjärde AP-fonden (AP4)
- 2020 - Fjärde AP-fonden (AP4)
- 2019 - Swedish Pensions Agency
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