This content is only available to NordSIP members
Originally founded in 1944 as a joint pension scheme for 18 Swedish savings banks, SPK has evolved into an occupational pensions provider operating purely for the benefit of its financial sector members.
SPK is a long-term investor with a preference for active management of its equity, credit bonds, government bonds, alternatives, and real assets allocations. With a small in-house team SPK relies on external asset managers for its €2.5 billion portfolio, which are selected without intermediaries or consultants. Potential new managers are invited to complete an online questionnaire on SPK’s website as a pre-screening measure that obviates the need for speculative sales calls and meetings.
External mandates
SPK typically maintains several external managers per asset class, which affords it the flexibility to make changes swiftly and without negatively impacting the overall portfolio performance. As of December 2024, SPK’s manager roster was the following:
JP Morgan – Global Fixed Income
Handelsbanken, Swedbank – Swedish Fixed Income
C Worldwide, Cliens, Handelsbanken – Swedish Equities
Goldman Sachs, Impax, Schroders, Swedbank Robur, T Rowe Price – International Equities
JP Morgan, SUSI Partners – Infrastructure
Abrdn, Genesta, JP Morgan, Revelop – Real Estate
Nordkinn – Hedge Funds
Campbell Global – Timber
Responsible investment
SPK aims for full compliance with international sustainability norms including the UN Global Compact, OECD Guidelines for multinational enterprises, and controversial weapon conventions. SPK only invests in pooled funds, which are scrutinised for their ESG credentials as part of the selection and monitoring process. This means it has no direct voting influence on investee companies, but instead participates in collaborative sustainability initiatives including Climate Action 100+, Nature Action 100, and the PRI. SPK aims to have a lower carbon footprint than the reference benchmarks for its funds.
