Allan Polack, the Nordea asset management chief who has headed up a task force on long-term investing and been instrumental in the firm’s ‘returns with responsibility’ ESG approach, has been named chief executive of PFA Pension, Denmark’s biggest commercial pension provider and a responsible investment stalwart.
PFA, which has DKK400bn (€53.7bn) in assets, said Polack would join it on April 1. He replaces Henrik Heideby, who stepped down as CEO late last year after 13 years in the job.
Polack, who holds master degrees in economics and business administration, has worked in the Danish banking industry since 1985 and spent most of that time at Nordea. In 2007, he was named CEO of Nordea Investment Management, which like PFA is based in Copenhagen. He currently chairs the Nordic funds group. Polack leaves a Scandinavian bank that, between its wealth and asset management divisions, runs €254.5bn in assets and is known for specialising inresponsible investment solutions for Danish pension funds – among them PFA.
Nordea IM employs a nine-member responsible investment team – the biggest of any European asset manager – that is headed by Sasja Beslik.
On the EU level, Polack is a Corporate Board Member at European asset management trade group EFAMA and Chair of a task force on long-term investing and retirement savings that was set up in 2012 by the European Capital Markets Institute (ECMI), a Brussels-based think tank.
The task force, formed around the time of the EU’s Green Paper on long-term investment, urged policy-makers to deliver more “inclusive, efficient and resilient” retail investment markets that are better equipped to deliver value over the long-term for beneficiaries.
Nordea said Polack would be succeeded by Head of Investments Christian Hyldahl. Hyldahl, 49, reports to Gunn Wærsted, CEO of the Wealth Management division at Nordea Bank.