AMWatch

FSA slaps Danish pension fund with nine directives

A visit from the Danish FSA led to no less than nine directives at one of the country's biggest pension companies. The orders came after an inspection focusing on illiquid asset prices.

Photo: Lars Krabbe/Jyllands-Posten/Ritzau Scanpix

The Danish FSA (Finanstilsynet) is currently taking a big interest in pension funds' growing investments in illiquid credit. At Velliv, an April 2019 inspection has led to nine directives, which all involve the pension company's handling of illiquid credit, a notification from the FSA states.

Illiquid credit is a growing asset class, as investors take on credit risk as well as an extra premium for the illiquidity. The asset class is an alternative investment and can be anything from a direct loan to a business to structured products like credit loan obligations (CLOs), where different loans are combined to real shares.

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