Stockholm — Nordic banks, long considered among the safest in the world, are losing their appeal as an investment target, according to multi-asset manager Pine Bridge Investments. Graeme Bencke, the portfolio manager who heads equity strategy at PineBridge in London, said the circumstances that made banks in Sweden, Denmark, Norway and Finland a "good investment in the post-crisis period" no longer existed. "Now, we’re in more of an upswing and a lot of the European banks that had been in trouble, southern European in particular, are now starting to see an incremental improvement," Bencke said in an interview in Stockholm. "So there’s a much bigger inflection point in valuation in those banks than there is in the Nordics. That’s … keeping us away from the Nordic banks." Investors have so far stayed loyal to banks in the Nordic region, where prosperous and stable economies have been relatively unscathed by the wave of financial shocks to have hit since 2008. Nordic lenders have also ...
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