The largest pension funds in Iceland will not make drastic changes to their investment policies despite a downswing in the international stock market. Their managers don’t expect the downswing to last long.
“We won’t do anything differently,” Árni Gudmundsson, managing director of Gildi Pension Fund, told Fréttabladid. The pension funds’ managers say they make long-term investments and will thus withstand fluctuations.
Haukur Hafsteinsson, managing director of the Pension Fund for State Employees, agrees, saying the fund’s foreign managers do not believe the downswing has come to stay.
“There have to be stronger indicators that something bad is happening in the markets [for us to react],” said Kristján Örn Sigurdsson, managing director of the United Pension Fund.
The main stock market index, OMXI15, at the Nordic Stock Exchange in Iceland (OMX) dropped almost three percent yesterday and many stocks at markets around the world lost value.