Issue 2, 2026

In the Q2 2026 issue of Nordic Fund Selection Journal, major themes include the evolution of the Nordic asset management landscape with a focus on alternative fixed income, Nordic equities, and the changing profile of asset owners.

The issue features in-depth interviews with leading industry figures such as David Neal, CEO of IFM Investors, and Lea Vaisalo, CIO of Danish Velliv, highlighting long-term investing perspectives, governance, and strategic portfolio construction.

Amid rising cost pressures and regulatory shifts, Nordic institutional investors are increasingly allocating to private markets and building internal capabilities while maintaining high standards on ESG and transparency.

The journal also spotlights Nordic equities, emphasizing the region's strong corporate governance, innovation and diversification appeal to global investors.

A roundtable on alternative fixed income presents diverse views on private credit opportunities amid market volatility and the importance of manager selection, risk management, and liquidity.

Complementing these insights, the report traces a decade of change in Nordic asset ownership highlighting increased sophistication in portfolio management and evolving investor needs. Overall, the publication underscores the Nordic asset management industry's shift toward strategic partnerships, integrated solutions, and a focus on trust and long-term value creation.

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Table of content

Introduction to Nordic Fund Selection Journal Q2 2026

Overview of Tell Media Group’s 20th anniversary issue focusing on Nordic asset management industry insights including roundtable discussions, interviews, fund manager diaries, and country focus sections encompassing Denmark, Finland, Norway, and Sweden.

Editorial and Market Commentary

Reflection on inflation narratives, monetary policy, and their impact on markets. Thoughts from Chief Content Officer Niklas Tell on current economic and geopolitical risks including the Middle East and oil prices.

News Highlights in Nordic Asset Management

Senior leadership changes such as new CIOs at Danish PKA, Norwegian family office Aars, and Handelsbanken Fonder’s new CEO. Recruitment news and profile updates from Lannebo Kapitalförvaltning and Sandvik Pension Fund Finland.

Country-Specific Market Trends and Insights

In-depth articles from key industry figures on strategic advantages in Denmark (Emotional Intelligence), evolving investor attitudes in Finland, dynamic Norwegian asset management markets, and challenges in Swedish index investing.

Country Focus: Denmark’s Asset Owner Evolution

Analysis of Denmark’s consolidation in asset ownership, governance reforms, internalization trends, expansion into private markets, manager selection standards, and ESG expectations over the past decade.

Guest Insight: Recruitment in Asset Management

Discussion on shifting demands from technical expertise to combined financial, technological, commercial and communication skills. The increasing importance of specialization, cultural fit, and strategic recruitment processes.

Interview with Lea Vaisalo, CIO of Velliv

Insights into portfolio restructuring, life-cycle investment strategies, balancing broad and deep expertise, increasing internal team capabilities, and managing both active and passive strategies within a commercial pension fund.

Asset Class Spotlight: Nordic Equities

Overview of the Nordic region’s unique investment qualities backed by governance stability, innovative economies, and sector diversification featuring perspectives from local fund managers highlighting long-term opportunities and market dynamics.

Guide to Nordic Asset Owners: A Decade of Transformation

Comparative analysis of asset owner practices from 2015 to 2025 focusing on shifted asset allocation priorities, matured risk frameworks, strategic insourcing, ESG integration, geographic focus shifts, and evolving manager relationships.

Largest Asset Owners in the Nordic Region

Rankings and assets under management of top five institutional investors in Denmark, Finland, Iceland, Norway, and Sweden compiling a combined pool of approximately EUR 3,900 billion.

Feature on Carnegie Fonder

CEO Andreas Uller discusses journey from product provider to solution partner, building professional culture based on freedom and responsibility, and the impact of industry consolidation on product lineup and client relationships.

Fund Research Introduction: Focus on Actively Managed Global Equities

Rationale for increased scrutiny of actively managed funds amid passive growth. Highlight of three global equity funds differentiated by their philosophies and processes: Columbia Threadneedle Global Focus, BankInvest Global Equity Income, and Pzena Global Value Fund.

Roundtable: Alternative Fixed Income

Key discussion points from Nordic institutional investors and asset managers on private credit, illiquidity premia, portfolio construction, diversification challenges, impact of macro environment and manager selection criteria for alternatives.

Selector Insight: Jonatan Lehtinen, CapMan Wealth

Focus on building flexibility in portfolios through emerging and frontier market allocations, balancing active and passive strategies, importance of manager consistency, patience, and responsiveness in manager evaluation.

Interview with Gustav Karner, Apotekets Pensionsstiftelse CIO and CEO

Discussion of extensive hedge fund allocations, network-driven manager selection, portfolio evolution including private equity, risk management approaches, long-term performance, and his annual ‘Christmas challenge’ tradition.

Macro Insight: Changing Role of Japan in Global Interest Rates

Analysis of Japan’s normalization of monetary policy after decades of low yields and demographic impacts, resulting in altered global bond market dynamics, increased market volatility with higher foreign participation and implications for global portfolio construction.

Interview with David Neal, CEO IFM Investors

Exploration of IFM’s mission-driven governance and ownership structure, long-term investment philosophy focused on infrastructure and real assets, challenges and opportunities in the asset owner industry, and the critical importance of trust in client relationships.