Home ListingOctober 20, 2015

Danish Giant Acquires Financial Services Pension

A $3 billion pension for Denmark’s financial services industry is to become part of PFA from 2016.

Reported by Featured Author

Denmark’s largest pension manager is to take over the industry pension for financial services next year, the two organizations confirmed today.

PFA is to take on Bankpension’s DKK 21 billion ($3 billion) of assets and 17,000 members in 2016 after a framework for the merger was agreed.

“The board and management of Bankpension believe that a merger with PFA holds greater long-term benefits for members than if it continues as an independent institution,” said Niels Erik Jakobsen, Bankpension chairman.

PFA will have more than DKK 590 billion in assets following the merger.

The Danish pension giant has been expanding its senior investment team in recent months, hiring Henrik Nøhr Poulsen from Industriens Pension where he was head of investments. Poulsen will start his new role as head of shares and alternative investments on December 1.

PFA has also hired Erik Hallarth from AP Pension as chief portfolio manager, and Henrik Nordestgaard from Barclays Capital.