Institutional update - Iceland

Two of Iceland's leading pension funds, Framsyn and Sjomanna, are finalising an agreement whereby the two firms will merge. The resulting entity would have $2bn in assets under management. Initial negotiations commenced after the rules which allowed Sjomanna, the Seaman's pension fund, a special status to reflect the importance of the fishing industry to the Icelandic economy, were changed two years ago, to bring it in line with other pension funds. Both pension funds have similar subscribers, with Framsyn being the pension fund for the blue-collar workers in the Reykjavik metropolitan area. Both pension funds currently have assets of around $1bn. If the discussions are successful, the merger may be completed as early as spring 2005.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• LPs
• Nordics