Bjarne Graven Larsen is joining Teachers in February as CIO and executive vice-president.Hand-out
The Ontario Teachers' Pension Plan is bringing in a new chief investment officer with extensive experience in Denmark.
Bjarne Graven Larsen is joining Teachers in February as CIO and executive vice-president. He has already been the CIO of a large pension plan, having held the title at ATP, the largest Danish pension fund. It oversees the equivalent of $145-billion in assets and manages the state's old age pensions, disability pensions and other social security and welfare systems.
Mr. Graven Larsen has built a career in Denmark, having also led a bank called FIH Erhvervsbank AS through a turnaround after ATP took a stake in it. He has worked for the country's central bank and a large mortgage bank. He was most recently chief financial officer at a large holding company called Novo AS in Copenhagen.
Denmark's pension plans are considered to be among the strongest in the world and have many similarities to their Canadian counterparts. Both countries have government plans, workplace plans and personal savings – although in Denmark employers must provide plans and employees must enroll in them.
Denmark's funds have also been steadily embracing investment in alternative asset classes such as real estate, infrastructure and private equity, just as Canada's largest funds have in recent years.
Mr. Graven Larsen takes over from long-time executive Neil Petroff, who left the fund in June to retire. Teachers said at the time that an "internal and external search will be undertaken for a successor."
"With his investment expertise, global experience, forward thinking on risk management, and importantly, hands-on work within a total return framework, Bjarne is uniquely positioned to be our chief investment officer," Ron Mock, chief executive officer of Teachers, said in a statement.