Institutional Investors

Denmark's PFA divests hedge fund assets in major shake-up

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Danish life and pensions provider PFA has divested its hedge fund assets as part of a major shake-up.

With around $45 billion in total assets the fund has adjusted its stance right across the portfolio and this has spelled the end of its 1% allocation to hedge funds.

Thanks to its size and in-house capabilities the group had by-passed the fund of funds route, choosing to invest directly via a team headed up by former Morgan Stanley man Jan Sorenson.

However in light of market conditions, particularly those seen late last year, the plan