Mr Langmack, 35, joins from Danish asset manager Nykredit, where he has been head of equities since 2003. Prior to that, he worked as equity portfolio manager at the firm. Mr Langmack will begin his new role on August 1 and will replace Lars Thørs, who has decided to leave the firm after 10 years at the post.

The firm, which returned 1.2 per cent in 2007 and -0.9 per cent in Q1 2008, has made some changes to its equity portfolio since the end of last year. PFA reduced its equity allocation, hedged against falling interest rates and falling currencies and postponed a planned equity investment of DKr5bn (€670m).

The firm’s investment department is headed by chief investment officer Henrik Franck, who joined from Jøp, the lawyers and economists’ pension fund, last spring. It employs 42 members of staff and manages assets of DKr200bn.

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