Issue 5, 2025

The Nordic Fund Selection Journal’s October-November 2025 issue covers a broad range of themes central to institutional investing in the Nordic region, including sustainability, fixed income strategies, and evolving asset allocation amid global economic shifts. A notable focus is the increasing sophistication and data-driven approach to sustainable investing, especially within fixed income markets, where challenges like green bond assessment and emerging regulatory landscapes are hot topics. Industry experts emphasize balancing exclusions with financing transition goals, the complexities of integrating ESG into diverse asset classes, and grappling with issues such as the sustainability backlash and defense-related investments. Leaders like AP3’s CEO Staffan Hansén highlight the need for flexibility and preparedness for unexpected market changes, while asset owners such as LD Pensions weigh strategic portfolio adjustments towards all-weather resilience in uncertain macro environments.

The industry’s response to geopolitical and economic uncertainty is reflected in strategic partnerships and pension fund mergers across the Nordics, with a move towards infrastructure investments that capitalize on secular trends like AI-driven growth. Interviewees underscore the necessity of clear, fact-based decision-making and the importance of aligning active management with sustainability goals. Furthermore, contributions from selectors such as SEB’s Louise Lundberg underline the critical role of communication and tailored education in effectively distributing complex investment products in an increasingly integrated market.

Overall, the issue illustrates a Nordic institutional investment landscape that is adapting to new realities through data-centric sustainability frameworks, diversified asset allocation, and active engagement with market developments. It balances optimism for innovation-driven growth with caution about regulatory, geopolitical, and market risks, affirming a collective emphasis on building robust, adaptable portfolios while navigating a more complex global investment environment.

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Table of content

Interview with AP3’s CEO Staffan Hansén

Discussion on the complex asset transfer from AP1 to AP3, system upgrades, portfolio allocations including listed and unlisted assets, emerging markets equity selective approach, sustainability integration challenges, and the importance of data-driven asset management amid changing market environments.

News Analysis: Industry Updates

Key personnel changes including appointment of new CIOs, pension fund mergers in Iceland and Finland, strategic partnerships in infrastructure investments, regulatory scrutiny on compliance functions, and shifts in investment strategies linked to geopolitical and financial market dynamics.

Sustainability and Fixed Income Roundtable

Around-the-table discussion with asset owners, managers, and strategists covering fixed income ESG challenges, data limitations, regulatory frameworks, labelled bonds complexities, defence sector investments, sustainability backlash effects, and future focus areas for responsible fixed income investing.

Investor Focus: LD Pensions’ Approach

Insights from Kristoffer Birch, CIO of LD Pensions, on building an all-weather portfolio capable of withstanding changes in macroeconomic regimes, maintaining active external manager usage, balancing risk and tracking error, and ongoing active ownership practices despite market shifts.

Selector Insight: SEB’s Fund Selection and Distribution

Profile of Louise Lundberg, global head of investment products at SEB, highlighting the structure of SEB’s selection teams, the importance of comprehensive due diligence, education and communication strategies for advisors and clients, and the balancing act between open architecture and strategic partner selection.

In Conversation: Lazard AM’s Nordic Strategy

Mohit Pandya shares his view on the evolving client demands in the Nordics, emphasizing the move away from passive strategies towards active, tailored solutions; the role of longevity in selection teams; and how international managers can succeed by investing in capabilities, partnership models, and client-centric bespoke service offerings.

Event Summary: Nordic Fund Selection Forum 2025, Copenhagen

Overview of the fund selector panel on internal versus external asset management, roundtable discussions on emerging market debt, credit, equities, and environmental investment strategies, and managers’ insights shared during the event co-hosted by leading global asset managers.

The Travellers: Perspectives from Robeco and BlackRock Nordic Heads

Stefan Laszlo (Robeco) and Elisabeth Sterner (BlackRock) reflect on regional market trends, client priorities, the rise of sustainable and systematic investing, and the importance of combining local insight with global expertise to meet evolving investor needs in the Nordic markets.

Up-Close & Personal: Veritas’ CIO Laura Wickström

An interview with Laura Wickström covering her career path, leadership philosophy, investment challenges including upcoming pension reform impact, inflation and debt concerns, AI-driven market dynamics, and her personal interests and recommendations for peers.