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
PKA chief hands ultimatum to politicians on state aid after Morrow loss
‘We want to support Europe. We want to contribute to the green transition,’ says CEO Jon Johnsen
Talks to create Iceland’s biggest pension fund stall after number crunching
Pension Fund of Commerce and Birta Pension Fund say their boards have decided not to start formal merger talks ‘at this time’
IPE Nordic Briefing: Alecta keeps ITP mandate despite FSA fine
Plus: Norway’s NBIM on the importance of AI technology and US tech stocks concentration
NBIM tells Brussels Europe’s shareholder voting chain is not working
Norway’s SWF manager laments ‘fragmented system that undermines effective shareholder voting’ and makes it harder to support companies
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.
PKA chief hands ultimatum to politicians on state aid after Morrow loss
‘We want to support Europe. We want to contribute to the green transition,’ says CEO Jon Johnsen
Talks to create Iceland’s biggest pension fund stall after number crunching
Pension Fund of Commerce and Birta Pension Fund say their boards have decided not to start formal merger talks ‘at this time’
IPE Nordic Briefing: Alecta keeps ITP mandate despite FSA fine
Plus: Norway’s NBIM on the importance of AI technology and US tech stocks concentration
NBIM tells Brussels Europe’s shareholder voting chain is not working
Norway’s SWF manager laments ‘fragmented system that undermines effective shareholder voting’ and makes it harder to support companies
NBIM’s Tangen warns lawmakers of SWF’s unprecedented big tech concentration
AI development going faster ‘than seen before’, says NBIM CEO, as finance minister points to ‘great risk’ of concentration
Pension fund investment boosts innovation at Danish unlisted firms, CBS study shows
‘If you impose overly strict limits on how pension assets can be invested, you may restrict the financing of innovative companies,’ professor says
Alecta off the hook after ITP panel opts not to cancel major mandate
Swedish occupational pensions giant finally receives confirmation worst potential outcome of 2023 crisis avoided
Finnish pension CEOs say cuts talk is about weak state finances
Keva, Ilmarinen, Varma and Veritas reveal losses for January to March of between -0.1% and -0.5% after Iran war shook markets
TELA says government’s pensions reform proposal only halfway there
Finnish pensions lobby positive on shifting YEL scheme towards earnings-based system, but bemoans fiscal burden, freedom of choice model
NBIM beats benchmark in Q1, as three of SWF’s four asset classes contract
Norway’s giant SWF takes -1.9% hit on investments in the first quarter, with only unlisted real estate in positive territory at end of March
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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