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
PenSam says revamp ATP contributions to iron out pension inequalities
Danish pension fund for public-sector health and social care workers says the system disadvantages people in physically demanding jobs
Sweden’s AP funds hit back after booby prize from journalists
Buffer funds named ‘Roller Blind of the Year’ by Association of Investigative Journalism for lack of transparency over investment losses on failed battery firm Northvolt
Finland’s Ilmarinen seeks SBTi validation as part of climate work
Pensions insurer joins peer Varma and other Nordic pension funds – AkademikerPensiona and PensionDanmark – in turning to international initiative for climate target approval
Sweden’s FTN rebuts legal challenge over €18bn fund procurement
FTN dismisses all Indecap Fonder’s claims in its application to overturn results of agency’s largest procurement
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
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To build capital markets that work for people, Europe should look to Sweden
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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.
PenSam says revamp ATP contributions to iron out pension inequalities
Danish pension fund for public-sector health and social care workers says the system disadvantages people in physically demanding jobs
Sweden’s AP funds hit back after booby prize from journalists
Buffer funds named ‘Roller Blind of the Year’ by Association of Investigative Journalism for lack of transparency over investment losses on failed battery firm Northvolt
Finland’s Ilmarinen seeks SBTi validation as part of climate work
Pensions insurer joins peer Varma and other Nordic pension funds – AkademikerPensiona and PensionDanmark – in turning to international initiative for climate target approval
Sweden’s FTN rebuts legal challenge over €18bn fund procurement
FTN dismisses all Indecap Fonder’s claims in its application to overturn results of agency’s largest procurement
Denmark’s AkademikerPension divests US company for nuclear weapons links
Pension fund blacklists three Chinese firms and one US firm for links to aiding nuclear weapons outside the EU
Norway’s SWF says UK should be stricter in green reporting proposal
NBIM responds to FCA’s proposed new sustainability disclosure rules for listed companies; calls for timelines for Scope 3 emissions reporting to become mandatory
Icelandic pension fund majors beat the average, as inflation weighs on all
Gildi reports 3.3% real return for 2025, LV produces 3.2%, while smaller Stapi delivers 1.8%
AP7 raises bar for gender diverse boards in Japan, India in new voting policy
Swedish pensions giant updates voting policy for 2026 AGMs for its 2,000-company portfolio
Alecta’s future as ITP provider hangs in balance after regulator ruling
‘In worst-case scenario’, Sweden’s largest pension fund could be removed as provider of key occupational pension scheme
Swedish funds agency plans launch of €2.7bn healthcare/biotech tender
FTN says comparative returns data for first tracker procurement shows premium pension reform set to deliver average 0.5% point higher returns
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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