“At present we have a 2.5 per cent exposure to hedge funds. We might expand this slightly, but most likely will not allocate as much into them as some of our Finnish peers,” Jussi Laitinen, Ilmarinen’s CIO, told nrpn.

This year the fund will also continue to reduce its fixed income holdings, which were scaled back from 49.2 to 46 per cent last year. “In mid-2006 we also reduced our exposure to commodities because we were not certain if they were such a beneficial asset class after all. Now our exposure to commodities is approximately 1 per cent of total holdings. This might increase slightly this year,” said Mr Laitinen.

Schroders shifts Swedish business from Stockholm to Copenhagen

Schroders Investment Management will close its Stockholm office on 30 June for all activities except property management. Its clients will be transferred to the Copenhagen office, which will take on responsibility for all Nordic operations. The Copenhagen office is managed by Kertil Pedersen, who will become managing director of the Nordic region.

The Stockholm office has around €3bn in assets under management and covers both Sweden and Finland. Schroders opened its first Scandinavian office in Copenhagen in 1989 and established the Swedish office in 1998. Johan Hamilton, managing director of the Stockholm office, said that all five employees have been made redundant. Schroders is, however, looking to hire at least one new member of staff for its new property investment office in Stockholm. Schroders has €191bn in assets under management worldwide.

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