Issue 6, 2024

The Nordic Fund Selection Journal's Issue 06 (Dec 2024-Jan 2025) presents comprehensive insights from leading Nordic investors, focusing on the year 2024’s market surprises and prospects for 2025. Highlights include an interview with Markus Aho, CIO of Finland’s Varma, who emphasizes the importance of prudent, risk-return driven green transition investments despite recent market setbacks like Northvolt’s troubles. The issue also features reflections from pension fund CIOs Mikko Mursula (Ilmarinen) and Gustav Karner (Apoteket AB Pension Fund), discussing unexpected strong equity returns, evolving interest rate expectations, and strategic portfolio shifts such as moving away from emerging markets and insourcing equity management.

Another focal point is a roundtable on climate transition investing hosted in Oslo, where experts debated the impact of US politics, the pace of green investments, and regulatory challenges. Participants underscored the complexity of balancing decarbonization with portfolio returns and the necessity of global coordinated policies amid geopolitical and market uncertainties. Additionally, the magazine profiles the Norwegian family office Aars, highlighting its collaborative approach, diversified asset structure, and challenges with regulatory-compliance in alternative investments, along with a personal interview with Arne Vagn Olsen of Iceland’s Pension Fund of Commerce, who stresses transparent leadership, long-term perspective, and the importance of rigorous analysis in pension fund investing. Overall, the issue underscores the evolving landscape for Nordic institutional investors navigating sustainability, market volatility, and regulatory shifts.

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Table of content

Editorial and Market Overview

An introduction to the issue including editorial comments on upcoming decisions affecting Swedish asset management and reflections on Nordic investment surprises and outlooks for 2025.

Interview with Varma’s Chief Investment Officer Markus Aho

Insights from Varma’s CIO focusing on his private market background, the green transition investment hype, and fostering an open, collaborative culture within the Finnish pension company.

News Analysis – Nordic Pension Funds’ Reflections on 2024 and Outlook for 2025

Perspectives from key Nordic fund representatives including Ilmarinen’s Mikko Mursula and Swedish pharmacy pension fund’s Gustav Karner discussing market surprises, investment strategies, interest rate developments, and geopolitical impacts on portfolios.

Profile: Marie Giertz and Kåpan Tjänstepension’s Strategic Evolution

Coverage of Marie Giertz’s promotion to CEO, changes in Kåpan’s investment portfolio such as increased internal management of equities, reduction in emerging market exposure, and growth projections.

Roundtable Discussion on Climate Transition Investing

Industry experts debate the impact of the US election on green investments, the balancing act between decarbonising today versus financing the transition, pragmatic investment approaches, regulatory challenges, and the need for ‘green populism’ to gain public support.

At the Family Office: Aars’ Approach to Asset Allocation and Collaboration

An inside look at the Oslo-based family office Aars, discussing their structured approach to asset management, open networking with other family offices, compliance challenges, and adapting to market conditions.

Up-Close & Personal: Arne Vagn Olsen of the Icelandic Pension Fund of Commerce

A candid look at the career, leadership philosophy, key career lessons, ESG challenges, and personal interests of Arne Vagn Olsen, emphasizing the importance of trusted networks and long-term resilience in pension fund management.

Industry Advertisements and Publisher Information

Details on advertised asset management firms, subscription information, publishing schedules, and contributor contacts.