As part of its shift from active management to passive strategies, Danish pension provider Velliv has announced the dismissal of 18 employees from its investment and IT departments, including the entire Alternatives team. Head of Alternatives Christoph Junge confirmed that the entire team was made redundant as part of Velliv’s broader strategic realignment towards passive strategies, despite the strong performance of alternative investments for the firm.

“After seven incredible years at Velliv, my time as Head of Alternatives has come to an end due to a strategic shift that significantly reduced the role of alternative investments, despite their strong performance,” announces Junge. “As a result, the entire Alternatives team was made redundant today. While this is surprising and never easy to see talented colleagues affected, I remain optimistic about the future and the opportunities ahead.”

“After seven incredible years at Velliv, my time as Head of Alternatives has come to an end due to a strategic shift that significantly reduced the role of alternative investments, despite their strong performance.”

Christoph Junge

Velliv’s Alternatives team also included Head of Credit Michael Røhling Pedersen, Senior Portfolio Manager for Credit Investments Thomas Walther Jørgensen, Senior Portfolio Manager for Real Assets Tobias Hasforth Elf-Pedersen, and Senior Portfolio Manager for Private Equity Snorre Kofoed-Hansen.

Approximately ten percent of Velliv’s €45 billion investment portfolio in mid-2024 was allocated to alternative investments, including private equity, private credit, liquid alternatives such as trend-following CTAs and commodities, as well as infrastructure and timberland. Led by Christoph Junge, Velliv’s alternatives team managed about €4.5 billion in alternative asset classes, excluding real estate, which was handled by a different team.

Velliv’s entire Alternatives team, along with other members of the broader investment team, are now seeking new opportunities. Christoph Junge, who led Velliv’s Alternatives division for the past five years, is also exploring similar roles in Denmark or internationally. “With over two decades of experience in the financial sector across Germany and Denmark, covering private banking, strategic asset allocation, manager selection, and investment leadership, I look forward to leveraging my skills in a new role,” says Junge.