DENMARK - Henrik Franck has made a sudden exit from his job as investment director at Denmark's DKK227bn (€30.4bn) PFA Pension, amid sweeping changes at the pension supplier which have halved the investment team's headcount.

"The facts are that I left PFA yesterday," Franck told IPE, but declined to give details of the circumstances surrounding his departure.

"I have been there for two and a half years, and I'm proud to say the investment management team managed to get PFA safely through the financial crisis."

In a statement, PFA said it was establishing a smaller and stronger leadership team in its investment department. This was part of preparation for a new investment set-up, which included the establishment and operation of the company PFA Kapitalforvaltning and a new administration company, it said.

"In connection with the leadership changes, investment director Henrik Franck decided to leave his position, as agreed," the statement said.

Group director and CFO Anne Broeng told IPE that PFA had decided to change the management structure within investment. "Henrik didn't want to participate in that, so we agreed to stop the employment," she said.

The new team consists of new recruit Henrik Henriksen, who will take the role of head of strategy and manager selection, Jesper Langmack who will take charge of equities, Poul Kobberup as head of bonds and currency and Peter Ott as head of funds administration.
Broeng said it was very positive that PFA had managed to secure Henriksen, who is well-known in the Danish media as a commentator. He will now take care of media engagement within his role at PFA, she said.

Henriksen was most recently head of investment at Straumur Asset Management, following his role as investment strategist at PFA competitor AP Pension.

Franck said there is no question that he will remain in the investment management sector, where he has worked for 20 years: "It has happened quite suddenly and my aim is to get back into the business as soon as possible."

If you have any comments you would like to add to this or any other story, contact Julie Henderson on + 44 (0)20 7261 4602 or email julie.henderson@ipe.com

Topics