DENMARK - Danish pension fund PFA has announced Niels Søbjerg Nielsen has resigned as its group director, but all those involved remain tight-lipped about the reason for his departure.

"After mutual agreement, Niels Søbjerg Nielsen has chosen to resign his position as group director and member of the board of PFA Pension," the group said in a short statement.

"It has been agreed that the parties will not comment on the resignation, beyond what appears in this press release," it said.

Søbjerg Nielsen had been group director at PFA since 2002, after joining from his job as managing director of Deloitte Consulting A/S.

No announcement has yet been made about the appointment of a successor to Søbjerg Nielsen, and the board's chairman Svend Askær was not immediately available for comment.

Danish media have speculated Søbjerg Nielsen's departure follows a disagreement with the management concerning delays to a major IT project.

PFA Pension is a customer-owned supplier of corporate benefit plans, and manages assets of more than DKK200bn (€26.8bn).

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