Issue 6, 2025

The December 2025/January 2026 issue of Nordic Fund Selection Journal offers comprehensive insights into the Nordic asset management landscape, with a particular focus on small cap equities, family offices, and sustainability in investments. Highlights include an in-depth interview with AltoCumulus’ CIO and CEO, Lars Hagerud and Mattias Karlkjell, who discuss their hybrid investment model combining internal and external management, a long-term investment horizon inspired by US university endowments, and a strong commitment to sustainability aligned with the Axel Johnson Group's values. Additionally, Norwegian investors and asset managers such as American Century Investments and Janus Henderson Investors participate in a roundtable analyzing opportunities and challenges in small cap equity investments, emphasizing the importance of quality stock selection, manager expertise, and the evolving role of private equity markets.

Further, selector insight from Fredrik Wilander at Grieg Investor reveals the advantages of long-term manager relationships, the critical role of in-person meetings, and challenges like the "selector's curse" in manager selection. Rikke Berg Jacobsen, head of ESG at Danish AkademikerPension, highlights ongoing sustainability challenges such as the gap between political ambition and action, while expressing optimism about the momentum of purposeful investors. The issue also features perspectives from industry professionals covering the Nordic region, including Mounji Boulahdour of Allspring Global Investments and Angelika de Harder of IFM Investors, who discuss trends like the balance between internal and external management, systematic strategies, and infrastructure investments supporting the energy transition and digital connectivity. Overall, the magazine underscores evolving investment strategies shaped by sustainability, innovation, and a nuanced market environment, positioning Nordic investors to adapt and thrive in 2026 and beyond.

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Table of content

Editorial Commentary

An introduction to the issue highlighting recent industry events including the Nordic Fund Selection Awards, internal team expansions at Tell Media Group, and a preview of upcoming changes in 2026. Emphasis on delivering insightful, informative, and inspiring content for Nordic asset management professionals.

News Analysis and Market Developments

Key insights from PwC’s 2025 Global Asset & Wealth Management Report forecasting growth to USD 200 trillion AUM by 2030 and emphasizing private markets as a major revenue driver. Summaries of strategic partnerships, such as OP Pohjola’s collaborations with major global asset managers, Varma’s new active ETF investment, and Nordea’s mandate from Japan’s GPIF. Challenges in profitability and evolving industry landscapes were discussed.

Personnel and Industry Movements

Profiles of notable appointments and hires in the Nordic asset management community, including Vilhelm Hultgren’s role as Chief Research Officer at Tell Media Group, Rami Vehmas as chief equity officer at Ilmarinen, and Johan Almenberg as new Director General of the Swedish Financial Supervisory Authority. Additional new hires at AP3 and movement details within the sector are presented.

Family Office Spotlight: AltoCumulus

An in-depth conversation with Lars Hagerud and Mattias Karlkjell from Axel Johnson Group’s family office, AltoCumulus, covering the establishment and evolution of their asset management operation. Topics include a hybrid asset allocation model blending internal investments with external active managers, strategies for sustainability, long-term investment horizons, and leveraging corporate culture rooted in family values to achieve alpha over decades.

Roundtable Discussion: Small Cap Equity

Insights from American Century Investments, Janus Henderson Investors, Storebrand, Aars, and Cenzia representatives on opportunities and challenges in the small cap space. Themes include market valuations, the impact of private equity, behavioral aspects of active management, portfolio construction, thematic drivers such as AI and electrification, and strategic advice on manager selection and liquidity management.

Selector Insight: Grieg Investor

An interview with Fredrik Wilander, research director at Grieg Investor, on their extensive manager selection process including relationship-building, in-person meetings, the “selectors curse,” client interactions, current trends like the “magnificent seven,” and the importance of transparency and active dialogue within the asset management ecosystem.

Up-Close & Personal: Rikke Jacobsen, AkademikerPension

A profile of Rikke Berg Jacobsen, head of ESG at Danish AkademikerPension, who discusses her career path, sustainability challenges such as political ambition gaps and regulatory complexity, optimism due to proactive actors, lessons learned, and advice for young professionals. She also shares personal interests and recommended literature focused on sustainability and systems thinking.

The Travellers: Perspectives from Nordic Market Representatives

Contributions from Mounji Boulahdour (Allspring Global Investments) and Angelika de Harder (IFM Investors), reflecting on their roles covering the Nordic region. Discussions cover client engagement preferences, regional trends such as the tension between internal and external management, and focus sectors including infrastructure and energy transition assets.

Advertisers and Industry Partners

An overview of key industry partners and advertisers featured within the issue, including leading global asset managers and service providers such as J.P. Morgan, Baillie Gifford, Goldman Sachs, Schroders, and Allianz Global Investors.

Publication Information and Upcoming Events

Details on the publication’s editorial team, subscription information, printing, and copyright data. A calendar of upcoming events and forums for 2026 targeted at Nordic fund selectors and institutional investors, including topics on corporate governance, asset allocation, private markets, and sustainable investment forums.