News review, November 7

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First – Rami Vehmas has been appointed chief equity officer at Finnish Ilmarinen and he took on his new role on November 1^st. Rami Vehmas has worked at Ilmarinen for more than 19 years in equity investing, most recently as a senior portfolio manager. He has also played a key role in developing Ilmarinen’s sustainability and ownership policy. “We surveyed candidates from both inside and outside Ilmarinen. As a result of the application process, we chose Rami Vehmas based on his strong expertise and vision in equity investing. The pension reform that will enter into force next year to strengthen the financing of our pension system will give us the opportunity to increase equity risk and I believe that Rami Vehmas’ long experience in the stock market will play an important role in this,” says Annika Ekman, chief investment officer of Ilmarinen.

We have also picked up the news that Norwegian asset manager Holberg has recruited Petter Johnsen to the role of chief investment officer equities. Petter Johnsen has extensive experience from international finance and asset management – from analyst and manager to leading large asset management environments. He might be most known from his time at Norges Bank Investment Management (the oil fund), where he was CIO for equities in the period 2011 – 2022. He was most recently CIO and managing partner of ICP Asset Management.

“Petter brings with him a lot of management expertise, team management and clear investment discipline. He fits Holberg’s culture and will be central in realizing our growth ambitions in equities,” says Magny Øvrebø, CEO of Holberg in a comment. Petter Johnsen says: “Holberg is the right house for me: strong funds and results over time, a clear, disciplined methodology and a solid culture – people with craftsmanship, integrity and customer focus. As a Bergen native, I have followed Holberg for many years. Now I want to complement and reinforce what works – further develop the team and fund strategies, sharpen the process and get even closer to the customers.”

In Sweden, the central bank left the policy rate unchanged at 1.75 per cent earlier this week. In a press release, the bank writes that the elevated inflation has begun to fall back, at the same time as economic activity is on its way to recovery. It also states that the current policy rate is expected to remain at this level for some time to come.

In Norway, a committee has been appointed to review the ethical framework for the Norwegian oil fund (the Government Pension Fund Global). “This review is necessary to safeguard the pension fund and key considerations. We must find a balance between the principles the fund is meant to uphold. The committee has important work ahead,” said Minister of Finance Jens Stoltenberg in a comment.

The current ethical guidelines were last amended by the Ministry of Finance in 2021, following broad support by the Parliament, which confirmed that the fund has two equally important ethical objectives. One is to generate returns and safeguard values for current and future generations, and the second, to ensure the fund is not invested in companies that cause or contribute to serious violations of ethical norms.

The committee will assess and propose changes to the ethical framework and relevant aspects regarding the responsible management of the pension fund and will deliver its report by October 15, 2026.

Committee Members:

Svein Gjedrem, economist (Chair)

Annie Bersagel, director

Alexander Wright Cappelen, professor

Marius Emberland, professor

Gunhild Hoogensen Gjørv, professor

Hanne Eggen Røislien, researcher

Arthur Sletteberg, CEO

Ulf Sverdrup, professor Karen Helene Ulltveit-Moe, professor

First – Rami Vehmas has been appointed chief equity officer at Finnish Ilmarinen and he took on his new role on November 1st. Rami Vehmas has worked at Ilmarinen for more than 19 years in equity investing, most recently as a senior portfolio manager. He has also played a key role in developing Ilmarinen’s sustainability and ownership policy. “We surveyed candidates from both inside and outside Ilmarinen. As a result of the application process, we chose Rami Vehmas based on his strong expertise and vision in equity investing. The pension reform that will enter into force next year to strengthen