NORWAY - The NOK38m (€4.7m) Renovasjonen IKS, a new fund set up for the merged maintenance teams in Norwegian municipalities Stavanger and neighbouring Sandnes, has appointed KLP as its fund manager.
The fund, tendering in August last year following the merger of the two teams in early 2006, was previously managed by KLP (Stavanger) and Sandnes' own pension company.
Inger Johanne Orre, spokeswoman of the fund's advisor, WACO, told IPE at the time that she did not expect KLP, the largest in Norway, to re-tender.
However, KLP was appointed as Stavanger was already familiar with the company and therefore decided not to appoint the second company that tendered, Johanne Orre told IPE today.
In the last year, industry professionals have called upon Norway to change the strict system in which only KLP, Vepal and Storebrand are allowed to deliver fund management services.