Danish labour market pension fund PenSam has hired Claus Jørgensen away from its competitor PKA to become its new CIO.

He is currently deputy executive director and head of equities at PKA, and has worked at the fund for more than 15 years.

Jørgensen is to start his new job at PenSam on 1 October.

Torsten Fels, chief executive of PenSam, said: “Claus will focus in particular on creating the highest possible return within the limits of significant risk management, for the benefit of our 400,000 customers.”

PenSam said that at PKA Jørgensen had contributed to the development of the whole investment department, among other things.

“I am glad Claus Jørgensen said yes to being head of PenSam’s investment department,” said Fels. “He is extremely competent. Claus has solid business and leadership experience and had produced great results at his time at PKA.” 

Jørgensen said: “I am looking forward to being a part of an organisation orientated towards development and one that has skilled staff and a clear strategy with a strong focus on generating a good return.”

A spokeswoman for PKA said the company was currently looking for a replacement for Jørgensen.

PenSam has around DKK105bn (€14.1bn) in assets while PKA manages around DKK250bn.