Stockholm (HedgeNordic) – After more than 21 years of overseeing pension fund management, Søren Kolbye Sørensen has announced his retirement from his role as CEO at P+, Pensionskassen for Akademikere. The Danish pension fund for Academics P+ was formed through a merger between pension funds JØP and DIP, where Sørensen served as CEO since 2002.
“I turned 65 last year, so now I am passing the baton to the next one,” says Sørensen in a press release. “I am very proud of the talented employees at P+, who have delivered good results for the benefit of our members,” he continues. “After 21 years, it makes sense to get some fresh air into the system,” Sørensen tells FinansWatch. Sørensen will continue in the role until the board of P+ finds a suitable replacement. “It is business as usual until the day a replacement is in place.”
“I turned 65 last year, so now I am passing the baton to the next one.”
“Søren has provided a distinguished and targeted effort in the pension fund for many years, including during the merger of JØP and DIP in 2019 and the subsequent development of P+,” comments Chairman of the board Kim Duus. “P+ is in really good shape, which Søren will pass on to his replacement.”
Similar to most other institutional investors, P+ experienced a difficult market environment in 2022, with its P+ Balance portfolio incurring a loss of 12.3 percent. The portfolio’s small allocation (3.3 percent at year-end) to hedge funds and special investments, mostly reflecting investments in a number of hedge funds focused on mortgage bonds, lost 7.5 percent in 2022. The first two months of 2023 were strong for P+, with its DKK 133.9 billion +P Balance portfolio returning 3.2 percent over the two months of the year. The hedge fund portfolio returned a similar 3.3 percent in the first two months of 2023.