FI
Sector: Asset Management
Danske Bank braves public anger with 14% bonus hike
Bonus payments for Danske Bank traders rose 14% last year, as the bank paid out nearly DKr840m (€112.3m) in performance-related compensation. The figures emerged as the bank posted group profits for last year of DKr1.7bn (€200m), up from DKr1bn (€134m) in 2008, figures described by chief executive Peter Straarup as “unsatisfactory”, though he added it [...]
Asset management start-ups on the rise
Going it alone is becoming an increasingly viable option for disgruntled Nordic asset management professionals. Murat Ünal, chief executive of Funds@Work, a German consulting firm for the asset management industry, says he is working with a growing number of international professionals looking to spin off and start up, including from the Nordic region. “We have [...]
Winners and losers in Nordic jobs maelstrom
Which Nordic banks have suffered the most job cuts this year has become much clearer following Q3 results for Danske Bank, Nordea, Handelsbanken and DnB Nor. Last month, Swedbank and SEB revealed they had decreased headcounts by 1,718 and 1,500 respectively since January. Latest figures from Danske show it has suffered a 5% reduction in [...]
Norway’s SWF completes executive hiring spree
It’s no secret that Norway’s gargantuan NOK2.47 trillion ($410bn) sovereign wealth fund had a torrid 2008, when it recorded losses which wiped out 23% of its value. As a result, its investment arm is now close to completing an extensive shake-up of its executive team, aimed at significantly strengthening its risk management capabilities. Norges Bank [...]
Massive losses, but no job cuts coming at Norwegian SWF
Norway’s NOK2,275bn sovereign wealth fund is ruling out redundancies in spite of suffering a record loss of 23.3% in 2008 – the equivalent of NOK633bn. There are currently 217 people working for Norges Bank Investment Management (NBIM) which manages the Government Pension Fund-Global, according to Siv Meisingseth, director of communications in Oslo. And this doesn’t [...]
Pension funds looking at trimming teams
The normally sleepy world of pensions is being woken from its slumber and has been forced to review its staff numbers – a very rare occurrence indeed. The industry continues to face multi-facetted challenges and generating returns after 2008 will probably be on top of all institutional investors’ agenda for 2009. The safe harbour provided [...]
Emphasis on reallocation rather than recruitment
With most Nordic asset managers going into 2009 with dramatically reduced assets under management, wishful thinking suggests they might be looking to hire new talent to help their chances of surviving the coming year. Unfortunately, this doesn’t seem to be the case. According to one Stockholm recruitment consultant, the current emphasis is on evaluating internal [...]
Nordea still intent on bolstering fund management team
Nordic financial services group Nordea is still recruiting for its institutional and retail asset management businesses, despite having to make job cuts in 2008. Allan Polack, head of institutional asset management at the firm, said that it would continue to add “talented” staff to both divisions of the company, especially those who could develop new [...]
AP funds largely holding fire despite poor performance
Sweden’s AP buffer funds have suffered one of the worst years on record, but in spite of this further redundancies look unlikely. Not a single AP fund reported a positive result in 2008, with losses ranging from around 20-40%. However, despite the significant losses there appears to be little indication that many of the funds [...]
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