Danica Pension has recruited two joint managing directors from the asset management arm of Denmark’s PFA, following last year’s decision to move towards alternatives.

Poul Kobberup and Jesper Langmack are due to take up their new roles in November. Kobberup will become head of rates, while Langmack will be head of risk assets.

Danica said the appointments are part of its investment strategy, conceived by its CFO Jacob Aarup-Andersen and approved by the Danica board in August last year.

Danica announced last summer that it would refocus its investment process and strategy, moving towards alternatives, replacing some of its bond investments and making direct investments in companies.

The rationale behind the new strategy was that, with bond yields so low and equities fully valued, the institution could find extra yield in private markets, where competition was less intense.

Aarup-Andersen said at the time that Danica Pension was hiring specialists to build an in-house team.

PFA, Denmark’s largest commercial pensions provider, is filling the management gap by putting group director Anders Damgaard in place to take over the daily management of PFA Asset Management.

Damgaard will manage the asset management business alongside Henrik Henriksen and Christian Lindstrøm Lage.

In December, Anders Svennesen – ATP’s former co-CIO – started at Danica Pension as CIO.