Danish pension fund CEO quits to join green infrastructure group

Bo Foged, CEO of Danish pension fund ATP, has stepped down after more than seven years with the company.

He will leave this summer and become a partner at Copenhagen Infrastructure Partners, which specializes in financing renewable energies.

The ATP board is looking for his successor. Foged joined the institutional investor on January 1, 2015 as interim CFO/COO and was appointed CEO in November 2018.

Foged said during his tenure that the pension fund had set out climate ambitions, which include DKK 100 billion (€13 billion) of green investments by 2025.

ATP Board Chairman Torben Andersen said that under Foged’s leadership, the pension fund has followed clear and strategic direction and delivered the best results in its history, while placing greater emphasis on corporate social responsibility.

According to the pension scheme‘s 2021 results, its record return on investment allowed pensions to increase by 4% from 1 January 2022, the largest increase ever amounting to DKK 30.4 billion (4, 08 billion euros)

ATP’s 35% investment return was driven primarily by listed and unlisted equities, with inflation-linked instruments contributing positively and offsetting negative government and mortgage bond yields.

At the same time, the expense ratios on the performance fees of the external managers of the external managers deployed by the pension fund have more than doubled, from 0.12% in 2020 to 0.36% in 2021.

Foged is not the only top Danish pension fund CEO to step down in recent weeks. Allan Polack, CEO of Denmark’s £80bn PFA pension scheme, stepped down last week.

Dolores W. Simon