This content is only available to NordSIP members
Lægernes (Doctors’) Pension was founded 75 years ago to provide a retirement scheme for Danish doctors. A banking service was added in 1992, and an in-house investment fund called Lægernes Invest was set up in 2004. The bank and investment fund provide economies of scale and cost savings for individual doctors as well as the pension scheme.
Lægernes Pension & Bank (LPB) invests in sovereign and investment grade bonds, high yield and emerging markets debt, and hedge funds. It has allocations to listed equity in developed and emerging markets, and private equity. The portfolio also contains real assets in the form of infrastructure and property.
LPB’s current CIO Søren Nielsen will be replaced by Peter Possing Andersen on 1 February 2025. Nielsen has been Head of Investment and CIO at LPB since 2013. Andersen joins from Tryg Invest where he has been Head of Investments since 2020, before which he was LPB’s Head of Strategy.
LPB publishes an exclusion list applied to individual companies and sovereign states. Exclusion criteria for corporations include involvement with thermal coal, oil and gas production, tobacco, nuclear weapons, state interference, norms breaches, or involvement in conflicts in Ukraine or the Middle East. The sovereign exclusion list is mostly driven by official EU sanctions, tax evasion, and poor governance.
LPB operates a stringent climate strategy, through which it has thus far exceeded previously set decarbonisation targets:
Listed shares
Reduction target: -25%. Realised at the end of 2023: – 41%
Corporate bonds
Reduction target: – 30%. Realised at the end of 2023: – 37%
Danish properties
Reduction target: – 55%. Realised: – 76%
LPB has selected climate benchmarks for internally and externally managed assets and aims to invest in renewable energy infrastructure and energy efficient properties.
Information on current external managers is not available, as these tend to be sub-advisory arrangements for Lægernes Invest-branded funds. As part of a new 2025 investment strategy under the incoming CIO LPB will be seeking to shift its listed equity asset towards passive management over the coming months. Active managers will still be sought for private markets, credit bonds,and real assets.
