This will no longer be possible from next year when the finance ministry unit responsible for managing the fund becomes formally independent. The fund operates alongside its much larger sister, the Government Pension Fund – Global, which is barred from investing in Norwegian stocks.

JPMorgan Asset Management (JPMAM) has ramped up its Nordic institutional sales with the appointment of Stefan Behring as a client adviser on its Nordic institutional team. Mr Behring has been poached away from Invesco. He makes the move to Stockholm after spending eight years in Frankfurt. Most recently, Mr Behring, who holds a CFA qualification, was Invesco’s senior sales manager for the Baltic region. Mr Behring will work alongside Francois Xavier Douin, who is head of Nordic institutional business at JPMAM.

Kåpan set to break from bonds

Kåpan Pensioner, the €3.7bn pension fund for Swedish government employees, is to boost its alternatives portfolio from 15 to 25 per cent and is in the process of diversifying into a range of alternative assets at the expense of its bond holdings.

“We will not only buy hedge funds, but are trying to get a diverse range of assets with a decent stability but with better returns and less volatility. We believe there are good alternatives out there to change to from bonds. For example, US life insurance products,” said CEO Gunnar Balsvik.

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