Danish labour-market pension fund PenSam said it has converted its various passive equity strategies run by Nordea Asset Management into a €2.16bn global equity risk premia mandate, to be managed by the same firm with a climate focus.
Claus Jørgensen, PenSam chief investment officer, said in yesterday’s announcement: “Changing the existing mandates to this new global mandate ticks the box for PenSam on a number of crucial parameters.
“The mandate provides exposure to equity risk premia and at the same time manages to integrate the goals that PenSam has set in relation to climate and sustainability.”
PenSam said back in February that it was adopting the MSCI All Country World Index (ACWI) Climate index for its entire €4.8bn global listed equities portfolio, and early this month announced it had selected Amundi to manage €2.6bn of this, with the French manager to track the climate-tilted index while incorporating customisations specific to PenSam.
At the time, PenSam confirmed to IPE that the remaining half of the global equities portfolio would continue to be handled by Nordea.
In Monday’s statement, the €20bn pension fund said it was pleased to keep working with Nordea Asset Management, due to the manager’s experience regarding both equity risk premia and ESG investing.
Anders Madsen, head of institutional and wholesale distribution in Northern Europe at Nordea Asset Management, said the firm had worked with sustainable investing for many years, via traditional, fundamental processes as well as within more quantitative, risk premia-oriented processes.