Fredrik Martinsson, one of three people who share the mantle of chief investment officer at $70 billion Danish pension fund ATP, can’t quite bring himself to utter the term “hedge fund.” But his avoidance is purely semantic. Over the past three years, Martinsson has been the driving force behind the development and expansion of a growing stable of in-house hedge funds within ATP, a crucial aspect of the all-out portfolio revamp initiated by the Hillerød, Denmark–based system in 2005.
