Mortgages still propel the market

Tue Oct 20, 2009

In April 2009, Nordic Asset Management (NAM) took a major decision to end its status as Denmark’s oldest independent hedge fund manager (established in 2001) by selling the firm to PFA Pension, the country’s second-largest pension fund and its largest commercial pension provider, managing €30 billion ($44 billion) in assets. NAM’s three partners – Peter Ott, Kim Mikkelsen and Morten Mathiesen – sold their 100% stake partly as a response to the ongoing crisis in the financial markets. However, as Peter Ott, chief executive of Copenhagen-based NAM, also points out: “PFA wanted to increase its exposure to the asset management business and was therefore interested in buying a company which could offer asset management services to other institutional investors. The hedge fund aspect of our operations was a secondary consideration as PFA has its own in-house alternative investment expertise. Nevertheless, it has reduced its allocation to hedge funds during...

ISSN: 2151-1845 / CDC10004H

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