ATP, a €67.18 billion Danish pension fund, has sold off all foreign equity in its investment portfolios, Investments & Pensions Europe reports. The labour-market supplementary fund offloaded foreign securities worth approximately €2.7 billion earlier this year in an effort to reduce risk.
ATP decided to dispose of its holdings of foreign shares instead of its Danish equity investments because the former were more liquid. The fund reduced its risk due to the deepening European crisis and worries about global growth. However, this risk cutting is temporary therefore ATP would again buy foreign equities at some point in the future, according to CIO Henrik Jepsen.
Click here for the story from Investments & Pensions Europe.