36b euro Finnish fund moves away from Europe, focuses on US

Helsinki

ONE of the Nordic region's biggest asset managers is adjusting its portfolio to reflect a lack of confidence in Europe and a growing faith in the prospects of a US boom.

Ilmarinen, a Finnish pension fund that oversees about 36 billion euros (S$54.5 billion) in assets, plans to adjust its investments so it's no longer underweight the US, according to Timo Ritakallio, its chief executive officer.