The move follows a recent evaluation process. The new manager has taken over three funds on behalf of the bank and the total mandate is up to €800 million, Jan Samsø, head of fixed income at Nordea Fund & Manager Selection, tells iiSearches. The review was initiated last year as a formal exercise not linked to performance. Samsø stresses the decision to choose a replacement was not driven by results either, as Nordea had been satisfied with previous performances.
It was key changes in the management team that ultimately tilted the decision in favour of a new manager, he adds. “[HSBC] actually performed quite well last year, but it has had difficulties in keeping its portfolio managers, and that is a risk we did not want to take,” says Samsø.
Pramerica brings a good track record and experienced managers, which is important for Nordea’s selection process, adds Samsø. The manager’s Newark-based team will handle two funds for the Danish office and one for the Finnish branch.