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Demographic changes have turned cashflows negative for Valtion Eläkerahasto (VER), the buffer fund for Finland’s central government staff pensions bill. The higher returns offered by equities suit the fund as it races to keep up with its outflows, but at 47 percent VER’s equity allocation is now getting close to the limit, the fund’s CEO tells AMWatch.
A US court ruling which effectively eased the rules around CLO issuance is set to stimulate the domestic market for the debt instruments, according to research from Morgen Stanley, Citigroup and Deutsche Bank. But the rules in Europe are unlikely to go down the same route, one Nordic CLO manager says.
Career Path: Timo Viherkenttä’s professional journey has taken many unexpected turns before he landed the job of the chief executive of The State Pension Fund of Finland (Valtion Eläkerahasto, VER) three years ago. A few years before that, he took the eyebrow-raising decision to voluntarily leave Finland’s Supreme Administrative Court judiciary — preferring a fresh start in a government role.