Danish pension fund KP Pension, which has E8bn of assets, has dropped Dresdner RCM Global Investors as its emerging markets manager and has plans to almost double its investment in private equity, eFinancial News reports.
An agreement has instead been made with BDT Investment Management. Henry Thornton, who previously worked at Nicholas Applegate, set up BDT.
The fund runs 95 per cent internally and invests approximately 1.5 per cent of total assets in emerging markets. The news service reports that the fund is looking to increase its private equity investments from 1.5 per cent of total assets to between 2 and 3 per cent of assets.